Jump to content
House Price Crash Forum
Rapid Descent

Uk Petrol Price Record

Recommended Posts

UK Petrol Price Hits New Record

Don't know whether this has been posted here yet or not!

The BBC finally waking up to what everyone else already knows...

What about this though:

But there is a sort of basic law here that what goes up must come down. High prices lead to low prices and I think too many people are assuming that this period of very high prices is going to continue indefinitely, and it won't.

Funny how they never say that about house prices?

Share this post


Link to post
Share on other sites
UK Petrol Price Hits New Record

Don't know whether this has been posted here yet or not!

The BBC finally waking up to what everyone else already knows...

What about this though:

But there is a sort of basic law here that what goes up must come down. High prices lead to low prices and I think too many people are assuming that this period of very high prices is going to continue indefinitely, and it won't.

Funny how they never say that about house prices?

Is that record nominal or inflation adjusted?

Share this post


Link to post
Share on other sites
Guest Riser

I was surprised to see the increase in petrol prices as the main story on last nights BBC 9 O’clock news as it was bearish for the economy.

They didn’t appear to make a strong connection between the 20% increase in petrol this year and Browns 2% CPI inflation target although that must have raised a question in many peoples minds about the impact rising fuel prices will have on inflation and future interest rates.

Share this post


Link to post
Share on other sites

Damn it!

I 'm cycling to work from now on.

Has anyone considered the effect on the poverty stricken,hard pressed car dealers of the UK?

The guy's along with EA's must be the least popular people

Oh sorry and owners of premiership football clubs..............

Share this post


Link to post
Share on other sites

You got it in one,Roman

Inflation is now ready for lift off in the UK

More cuts in interest rates??

Youh have to be kidding,the only way is up

Now just watch house prices fall

Share this post


Link to post
Share on other sites
Funny how they never say that about house prices?
Is that record nominal or inflation adjusted?

It's nominal. We'd need to be a little over $90 a barrel to get to the same level as we were during the OPEC crisis in the 1970s. At the rate prices are climbing (in a pattern that is completely consistent with a short-medium term upward trend), we'll be at $90 or more by summer 2006, and it's all up from there. They reckon it would need to hit $135 a barrel before 'demand destruction' would occur. At that level, we'd be looking at £1.50 a litre of petrol or more.

Edited by Gentleman Jim

Share this post


Link to post
Share on other sites
It's nominal. We'd need to be a little over $90 a barrel to get to the same level as we were during the OPEC crisis in the 1970s.

Nope:

But at an average of more than $53 for the year to date for U.S. crude, prices are well above those during the 1974 Arab oil embargo.

http://today.reuters.com/news/newsArticle....KETS-OIL-DC.XML

But there is a sort of basic law here that what goes up must come down. High prices lead to low prices and I think too many people are assuming that this period of very high prices is going to continue indefinitely, and it won't.

But oil is a FINITE resource!

Share this post


Link to post
Share on other sites
But there is a sort of basic law here that what goes up must come down. High prices lead to low prices and I think too many people are assuming that this period of very high prices is going to continue indefinitely, and it won't

In the news article last night on News at 10 they said that the only thing that could reduce oil prices was a reduction in demand, in other words a slowdown. Bu then went on to say that this wasn't likely :blink:

The one thing that was conspicious by its absence was the fact that one of the reasons petrol prices have gone up at the pumps recently is because the pound has weakened against the dollar, and the effect an interest rate cut has had on the exchange rate.

Further interest rate cuts are likely to lead to higher prices at the pump - The british people need to know this.

Share this post


Link to post
Share on other sites

I tapped in the 70's oil price into a web based inflation/cpi/income calculator and on all fronts $50-$55 for oil is equiv to the 70's oil shock. We're way over that now and I think short to medium set to rise. Look at the impact on input prices already!

Share this post


Link to post
Share on other sites
I tapped in the 70's oil price into a web based inflation/cpi/income calculator and on all fronts $50-$55 for oil is equiv to the 70's oil shock. We're way over that now and I think short to medium set to rise. Look at the impact on input prices already!

Industry in this country is apparently a lot less reliant on oil now than it was in the 70s (maybe something to do with the fact that we don't manufacture anything anymore).

However. I think consumers are probably much MORE reliant on oil these days as we tend to drive to out of town shopping centres, drive kids to school, comute longer distances.

Just a guess though.

Share this post


Link to post
Share on other sites

Don't forget that in the 70's oil crisis people used real money to pay for their petrol and so noticed immediately when the prices would go up, since they paid for it with the cash in their pocket. Today it all goes on plastic and there's no stinging immediate effect. People to a large degree don't care. People fill up their tank hand over the card and go about their business, oblivious.

Share this post


Link to post
Share on other sites
I was surprised to see the increase in petrol prices as the main story on last nights BBC 9 O’clock news as it was bearish for the economy.

They also said that oil tends to go in a 10-15 year up cycle and we are only 5 years into the current cycle.

Wasn't it just a few years ago we had lorry drivers blocking the flow of fuel in this country because they were worried about it going over 80p a litre (and that was Diesel).

Don't foget a large portion of that 90p is going to the tax man.

Now getting close to £1.00, it wasn't long ago (months) that in my area petrol was below 79p in a pretty short period it's now over 90p (I noticed 90.9p on my way to work this morning).

Share this post


Link to post
Share on other sites

Tuesdays lunch time news on ITV - opening statement

"Petrol heading for £1 per litre, shoppers continuing thier go slow, could boom and bust be back?"

My mate gordon is gonna kick thier heads in for saying such things.

Share this post


Link to post
Share on other sites

I was back in the UK a couple of weeks ago - M74 Southbound, Gretna Green Services - they were charging 99.9 p per litre for diesel - I think this just Might make transport companies increase thier charges?

Share this post


Link to post
Share on other sites

There is no danger of recession acording to some Dr that was just on.. he bascially said,

(paraphrased) yes house prices are high, yes oil is high, yes theres an inflation threat but thats pretty much normal.

Oh and on the petrol theme, the average family is now pay £24 a month extra in petrol.

Share this post


Link to post
Share on other sites
Guest rigsby II

Can you fit 100.09 on the forecourt sign.

It only goes up to 99.99 doesn't it ?

Share this post


Link to post
Share on other sites

Sainsburys 88.4 29

Shell 88.6 49

Asda 88.7 31

Waitrose 89.1 1

Tesco 89.2 79

Total 89.4 8

Morrisons 89.4 32

Esso 89.5 26

Fina 89.7 1

Jet 90.8 4

Motorway services 90.9 2

Bp 90.9 35

Texaco 91.6 11

Q8 92.5 1

Private garage 92.9 7

Other 9 3.5 1

Proteus 101.2 1

http://www.whatprice.co.uk/car/retailer-petrol-prices.php

Past Petrol Prices in the UK

petrol_prices.gif

post-1435-1123587998_thumb.jpg

Share this post


Link to post
Share on other sites
Can you fit 100.09 on the forecourt sign.

It only goes up to 99.99 doesn't it ?

I dont know where i heard it, it might even be on here, but a few weeks ago i was made aware that petrol stations were buying in new boards that can accept the extra digit.

no joke, i sh*t you not.

EDITED: no such thing as a didgit ha

Edited by theChuz

Share this post


Link to post
Share on other sites
Can you fit 100.09 on the forecourt sign.

It only goes up to 99.99 doesn't it ?

Perhaps they'll start pricing it by the pint, adding in a sneaky hike while we all get used to the new measure :blink:

Ah but we have the "good ole" EU to save us from that.

Decilitre of petrol anyone? :lol:

Share this post


Link to post
Share on other sites

Call me stupid but what's to stop them pricing in pounds and pence? So instead of 99.9p we have £1.09.

I'm sure the signs can cope, remember the days when we bought in Gallons, and a gallon was over a £, or go to the US where I'm sure they sell gas in $

Share this post


Link to post
Share on other sites
It's nominal. We'd need to be a little over $90 a barrel to get to the same level as we were during the OPEC crisis in the 1970s.

*

Nope:

QUOTE

But at an average of more than $53 for the year to date for U.S. crude, prices are well above those during the 1974 Arab oil embargo.

http://today.reuters.com/news/newsArticle....KETS-OIL-DC.XML

While everyone is saying we're already at the levels of the OPEC crisis now, just calm down, wipe the foam from your mouth and think a moment.

clv101, the article that you linked to says this:

In real terms, stripping out inflation, oil is still below the $80 a barrel on average for the year after the 1979 Iranian revolution.

But at an average of more than $53 for the year to date for U.S. crude, prices are well above those during the 1974 Arab oil embargo.

In other words, although prices are the highest they have ever been in NOMINAL terms, they would need to go much higher (to the $80-$90 a barrel range) to cost more in REAL (ie inflation adjusted) terms as they did during the OPEC crisis. Things are serious, but nothing like as bad as then. We had governement speed limits and fuel rationing, for goodness sake! This may well happen if, God fordbid, oil goes that high again, but we’re a way off it yet.

Share this post


Link to post
Share on other sites
While everyone is saying we're already at the levels of the OPEC crisis now, just calm down, wipe the foam from your mouth and think a moment.

clv101, the article that you linked to says this:

In other words, although prices are the highest they have ever been in NOMINAL terms, they would need to go much higher (to the $80-$90 a barrel range) to cost more in REAL (ie inflation adjusted) terms as they did during the OPEC crisis. Things are serious, but nothing like as bad as then. We had governement speed limits and fuel rationing, for goodness sake! This may well happen if, God fordbid, oil goes that high again, but we’re a way off it yet.

There were two oil crises in the 70s, 1974 and 1979 I was replying to the comment that we were still below the 1974 price. We are now above the inflation adjusted 1974 price. I agree the 1979 spike was higher still but the 1974 spike was bad enough!

It's much more serious this time round though, previously the shortage was politically motivated, it was clear there wasn't a long term fundamental supply problem. This time the supply problem is as long term and fundamental as possible.

Edited by clv101

Share this post


Link to post
Share on other sites

Goldman sachs are on record of eyeing $100. We will get there,without going into religion and politics, if you have any understanding of the militant Arab/Muslim world oil is the only weapon against the West.They will have their victory in the oil markets.

Share this post


Link to post
Share on other sites

Well, given that we have about 3-5 years left of oil reserves (not a widely advertised fact) and the US is furiously stockpiling (explains a lot of things, doesn’t it?), not likely prices will be coming down in a hurry. How much longer will we be able to use petrol-driven cars?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 341 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.