Tuesday, Apr 06, 2010
Give up on UK now, whats the point?
Dailymail: Petrol prices look set to soar higher as dollar strengthens and oil rises Read more: http://www.dailymail.co.uk/money/article-1263964/Petrol-prices-look-set-soar-higher-dollar-strengthens-oil-rises.html#ixzz0kKyQ60Ed
rivers could be hit with new record petrol prices soon.
They already look set to pass the previous high of 119.7p reached in July 2008, when oil was priced at $148 a barrel.
Now oil has crept back up to its highest level since October 2008 - albeit still only at $87 a barrel.
Posted by mark @ 05:14 PM (1369 views) Add Comment
9 Comments
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1. alan said...
There are lots of places with £1.21 petrol today. I would say the majority.
2. Crunchy said...
Some people on this blog (i mention no names) were wondering whether to buy @$35 LOL. D'oh!
Thinking of a holiday break to Iran or Isreal?
3. drewster said...
Although these may be record highs for petrol, diesel averaged £1.33 in July 2008 [1]. So not everyone is feeling the pain yet - lorry drivers and white-van-men (mostly diesel) aren't kicking up quite as much fuss as they did back then.
The UK consumes 542 million barrels of oil per year [2]. In 2005-2007 the price of crude oil in Sterling averaged £30-35 per barrel [3]; in the last six months the average has been around £45. Today it's pushing £57. [4]
Over the same period the UK has swung from being a net oil exporter to a net importer [5]. It doesn't take a genius to realise that that has blown a gaping hole in our balance of payments [6], and is a contributor to the sinking pound and rising oil price. Regardless of the global outlook for oil consumption and oil prices, it's clear that for the UK high oil prices are here to stay.
Sources:
[1] The AA
[2] BP Statistical Review of World Energy 2009
[3] Carpe Diem (blog)
[4] LiveCharts.co.uk
[5] BBC News: Is UK oil output running on empty?
[6] BBC News: Imports of oil widen UK trade gap
4. enuii said...
There will be a psychological barrier that once crossed will spark protests again, might be as low as £1.25 but I my gut feeling it will be once a litre of diesel crosses the £1.29 mark.
Anyone have another figure to or some other information as to any likely scenarios?
5. mark wadsworth said...
I must admit it surprises me that petrol in the Uk is back at £1.20 per litre. Very little of that is crude prices, some is down to exchange rates and how much is down to VAT and fuel duty hikes?
6. vacuouspolitician said...
Nevermind. Battery powered cars will be buzzing along the pot-holed highways soon...and yer never know...maybe the humble milk float will replace the 18 wheeler monster trucks...
7. drewster said...
For reference, crude oil priced in Sterling:
8. icarus said...
mark w @ 4 - Did you see the first comment under the article?
9. Crunchy said...
Where are those deflationists. lol.... Dreaming.