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

Really2

Down nearly 4% today down to $116.62. Still high but It can keep falling if it likes.

Thrugelmir

setmefree2 wrote: »

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!

Go read. Oil prices are affecting growth globally.

The 2011 regional growth outlook is subject to downside risks, notably from the return of high food and fuel prices, sluggish recovery in rich nations, a deluge of volatile capital inflows and the after-effects of natural disasters, the U.N. Economic and Social Commission for Asia and the Pacific (ESCAP) says in its report “Economic and Social Survey of Asia and the Pacific 2011.

ESCAP's projection for India is higher than other developing economies in the region, where growth is pegged at around 7.3 per cent. “The region's large developing economies continue to power ahead. Fastest growing economies in 2011 are expected to be China at 9.5 per cent and India at 8.7 per cent.” ESCAP estimates show that rising food and oil prices could push 42 million people into poverty, in addition to the 19 million already affected in 2010. In a worst-case scenario, with food price inflation doubling in 2011 and average oil prices at $130 a barrel, the achievement of the Millennium Development Goal (MDG) for poverty could be postponed by up to half a decade in some countries in the region.

It estimates that persistent high oil prices may lead to economies experiencing a negative impact on GDP growth in 2011 of up to 1 per cent. The impact of oil prices on growth in the region is significant due to high energy intensity of production.

http://www.thehindu.com/news/national/article1993939.ece

Really2

Make that $112.8.:eek:
If it carry's on like this it will cost less than £100 to fill my car up.

Print_Screen

May be if Hydrogen became an alternative this may provide an end to these prices. However its cost to produce and energy needed to do so make it unattractive right now

Graham_Devon

Dropping like a stone. $111.34

Should see a few pence off at the pumps if this continues.

No doubt it will take 3 months to filter through, when rises took 1 week.

Arcaine

Its not just oil, silver has dropped from nearly $50 to $38 wonder how the Silver bulls are getting on, and if it is going to stop the current speculatory trend in commodities.

setmefree2

Really2 wrote: »

Make that $112.8.:eek:
If it carry's on like this it will cost less than £100 to fill my car up.

Indeed.

Not quite time to party

mbga9pgf

Petrol is still cheaper in real terms than it was in 1980.

wintersunshine

mbga9pgf wrote: »

Petrol is still cheaper in real terms than it was in 1980.

Is that true? Never heard that before? Link?

Really2

setmefree2 wrote: »

Indeed.

Not quite time to party

My 77L tank makes me cry and service stations wonder where the lorry is I must have filled up.:D