Discussion in 'Current Affairs, News and Analysis' started by old_bloke, Sep 9, 2008.

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  1. So , OPEC are having a meeting where they will discus cutting production?

    Why so the price increases :?

    WTF is going on.

    Still I see the cuts are being passed down to the user :D

    Message to One eye broon - "buy a load of oil now as a stragic reserve while the price is low so UK has a fighting chance in the next few months for at least some stability." TWATT.
  2. Unfortunately, the £/$ exhange rate is a bit poo at the moment. MAy have an adverse effect on the proceedings.
  3. Still 1/2 price from a few weeks ago and its not going to remain low for long is it.
  4. in_the_cheapseats

    in_the_cheapseats LE Moderator

    Why not?
  5. OPEC want oil to be sold at just over $100 a barrel, so they're cutting production to keep the price as it is just now. Remember that oil is a limited resource, by selling it cheaper it means they have to use more of their resources to make the same profit.

    As said above, it's just our luck that oil starts going down when the $/£ is weak, so any savings have been removed due to the exchange rate.

    The final part is that most of what we pay is tax, so reducing the price of a barrel of oil doesn't really do much other than knock a few pence off at the pump, there is no chance that the government will reduce the oil levy so expect to pay what you are just now and probably see that 2p tax increase come in soon.
  6. It did an awful lot of "not much" when the price went up. :roll:
  7. I've just motored around Europe for a few weeks. Everywhere you go, diesel is around 20-40p per litre cheaper than in UK - even at the Euro's current high value. Given that diesel trucks/vans are the backbone and a major overhead for many small/medium businesses, it makes you wonder what the gubmint thinks it is doing for the competitiveness of the UK economy...
  8. Our New Liabor goverment needs these taxes to pay for all their quangos(aka employment for Liabor supporters.)That's why 'targets' were invented,so that these quangos could be greated to check said 'targets!!'