Brent crude edged above $120 a barrel to $120.08, a two-and-a-half-year high.

PeterZ_2

"PETROL sales plunged at the end of last year - and now stand at 14 per cent below pre-credit crunch levels.

The AA last night said the shock figures were proof record prices had forced motorists to cut back. Unleaded petrol now averages 133.04p per litre with diesel at 139.76p.
Unleaded cost just 87.9p a litre in 2007."

Not proof of cutting back, maybe people are just buying more economical cars? I'm not seeing so many wannabe gangsta 4x4 blinging chav mobiles these days. Lots of people went out and bought small cars with the scrappage scheme.

SteveV2

Probably due to unemployment rising. They don't need to fill up to go to work anymore?

GeneHunt_2

BRENT CRUDE FUTR (USD/bbl.) 126.450

Rochdale_Pioneers

Yes, I was watching that go shooting up again yesterday. Soon we will look back on 150p per litre with fond memories of when it was that cheap.....

GeneHunt_2

SLUMRAT_GHUOLS wrote: »

I'm happy to see $200 a barrel if it helps keep the roads clear.

Well that's an intresting POV. I wonder if lorry drivers would actualy spend less at $200 if they were in less traffic jams than when oil cost $20???

Thrugelmir

GeneHunt wrote: »

Well that's an intresting POV. I wonder if lorry drivers would actualy spend less at $200 if they were in less traffic jams than when oil cost $20???

Require less lorries as there wouldn't be wasted time. Remember HGV's have limited driving hours a day.

ILW

If oil is at a level that it was 2 1/2 years ago, why is petrol something like 40% dearer than it was then?

Thrugelmir

ILW wrote: »

If oil is at a level that it was 2 1/2 years ago, why is petrol something like 40% dearer than it was then?

8 hikes in fuel duty in that time. Totalling 12.37p per litre.

Or put another way a 25% rise in fuel duty.

Vat is added to fuel duty so at 20% the total increase is 14.844p per litre.

Rochdale_Pioneers

Also don't forget the exchange rate has significantly weakened the pound against its previously over-inflated rate against the dollar. When crude nearly hit $150 a few years ago we were insulated by the exchange rate. Now oil is a good $25 below that but we're seeing record £ per barrel prices. Duty is not responsible for the surge in pump prices this year as there haven't been rises on that scale - Thrugelmir should have said that the duty rises in previous years were off-set against falling crude prices. This year's mad rise is all down to cost price for crude.

setmefree2

This is the price paid by Europe, Japan and Northern America. The rest of the world have subsidised prices - the middle East, China, India, Mexico, etc. These countires are not experiencing the current price hikes and guess what they have massive growth and the rest of us are going into reverse!!!

Go figure!