Oil dropping pretty drastically

ess0two

shortchanged wrote: »

I certainly haven't see any significant drop in prices at the pumps since the prices have been dropping, what a surprise.

Usual story, they're quick enough to put prices up, then they never come back to their pre rise prices.

When you posted this my local Asda was 134.9l now 128.7l unleaded.

Graham_Devon

Well, I've seen 6p a litre removed from the pumps.

And it's been hammered into me by my marketing friends, "Every little helps".

Wonder if it will now continue upwards, and in a couple of months time, the removal of this extra oil will be blamed for even higher prices.

To be fair, it was stated that this is only the third time in history that they have opened their oil reserves and its meant to be for a world crisis. Apparently they had to re-write the rules to release the oil....and apparently again, a world crisis actually means "the western countries don't want the inflation thankyou very much".

Just what I read on an article. Was slamming the US and the presidents term more than anything else, as high prices are not good for him at all.

edinburgher

Wasn't just the US that released reserves - Japan and South Korea as well (and possibly others). Nice to see some concerted action that seems to be working for once. Still, won't make my bus season ticket magically cheaper

setmefree2

edinburgher wrote: »

Wasn't just the US that released reserves - Japan and South Korea as well (and possibly others). Nice to see some concerted action that seems to be working for once. Still, won't make my bus season ticket magically cheaper

Urrrr - did you read post 9

That’s right, the price of oil is now higher than it was before the IEA announcement. (It settled in New York today at $94.77)

edinburgher

Urrrr - did you read post 9

Obviously not

Mr_Mumble

A couple of snippets as to why analysts think this has/will backfire:

http://ftalphaville.ft.com/blog/2011/06/29/608866/barcap-barks-at-the-iea/
http://paul.kedrosky.com/archives/2011/06/will-q-oil-3-work-no.html

While WTI/NYMEX prices are now higher than just before the IEA stepped in Brent Crude prices are still $3-4 below. The hedgies who were playing the WTI/Brent spread have had their fingers burnt so politicians may consider that a small victory.

kaya

Graham_Devon wrote: »

Brent Crude currently down 7.2% to $106 a barrel.

US have said they will release extra oil supplies, so it's tanking.

Lovely! Should see diesel in the 120-129p range soon!

i cant believe that your actually happy about paying anything more than £1 a liter ! some people are easily pleased

J_i_m

Indeed... however paying 120-129p is still better than paying 135-140p. Every little bit counts.

ruggedtoast

After having thought it would never go near £1.25 a year ago, I would now be delighted to only pay £1.30. So far no garage I have passed has been lower than £1.34. Shell seems to be the cheapest but there arent many of them around.

Graham_Devon

kaya wrote: »

i cant believe that your actually happy about paying anything more than £1 a liter ! some people are easily pleased

It's not really about being happy IMO.

I can't do much about it. £1 a litre isn't based on any reality, it's just a round number.

The tax, I'm certainly not happy about.

But I'm thankful that fuel prices appear to have dropped recently.