Realistbear Posted March 6, 2008 Share Posted March 6, 2008 http://uk.biz.yahoo.com/06032008/140/price-oil-leaps.html Thursday March 6, 11:26 AM Price Of Oil Leaps Up - Yet Again By Sky News Oil prices have again hit record highs on both sides of the Atlantic because of worries over stockpiles and production. Light sweet crude reached just over $105 in New York, while in London Brent crude topped $102 - both figures not seen before. If Ben sends the US$ much lower we could see $150 bbl before summer. Even at these current prices, a severe recession is inevitable. Transport is the lifeblood of the economy and with the cost of fuel skyrocketing the prices must be passed on to the consumer is large chunks. Short term inflation followed by a worldwide crash and years of deflation. The camel's back is close to breaking folks. Take cover while you can. Diesel is 1.14 around here now. Quote Link to comment Share on other sites More sharing options...
sambino Posted March 6, 2008 Share Posted March 6, 2008 I filled up last night could not believe 109.9 per litre for diesal and the latest prices will not have been added yet food prices must go up with added costs of delivary Quote Link to comment Share on other sites More sharing options...
Minos Posted March 6, 2008 Share Posted March 6, 2008 Isn't GB (U-Turn Ali) increasing the duty next month too ? Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted March 6, 2008 Share Posted March 6, 2008 im tellin youse. it'll be £3 per litre by 2009 put that in your pipe and smoke it. someones got to pay for all the millions of housing profit, and £ - $ deflation against real commodities is the result. Quote Link to comment Share on other sites More sharing options...
AteMoose Posted March 6, 2008 Share Posted March 6, 2008 I wish oil was quoted in pounds sterling, quotes in $ make it very hard to track the changes accurately... Quote Link to comment Share on other sites More sharing options...
DisplayNameChanged Posted March 6, 2008 Share Posted March 6, 2008 OPEC on Wednesday accused the U.S. of economic "mismanagement" that it said is pushing oil prices to record highs, rebuffing calls to boost output and laying blame at the feet of the Bush administration. http://edition.cnn.com/2008/WORLD/europe/0...l.ap/index.html Quote Link to comment Share on other sites More sharing options...
RajD Posted March 6, 2008 Share Posted March 6, 2008 Well, at least the moron in the Whitehouse and his oil buddies are doing well Screw the proletariat Quote Link to comment Share on other sites More sharing options...
Agentimmo Posted March 6, 2008 Share Posted March 6, 2008 I wish oil was quoted in pounds sterling, quotes in $ make it very hard to track the changes accurately... OK. I keep a little book in my car that tracks the price I pay per litre and the date, no of kms driven etc. This week, I paid 1€23 a litre at my local garage (an Esso garage, the cheapest around). 1 year ago exactly, the price was 1€00 That makes a 23% rise at the pump. I don't drive a lot. But for families where there are 2 drivers, this will hit really hard. They will spend less on DVD's, clothes, holidays etc to keep their cars running. Guaranteed. Quote Link to comment Share on other sites More sharing options...
Methodius Posted March 6, 2008 Share Posted March 6, 2008 im tellin youse. it'll be £3 per litre by 2009put that in your pipe and smoke it. someones got to pay for all the millions of housing profit, and £ - $ deflation against real commodities is the result. You are wrong, in future it will not have a price measured in units of a fiat currency. You will trade food for fuel to warm yourself in the coming credit winter, not to fill the tank of your car. Quote Link to comment Share on other sites More sharing options...
Moo Posted March 6, 2008 Share Posted March 6, 2008 You are wrong, in future it will not have a price measured in units of a fiat currency. You will trade food for fuel to warm yourself in the coming credit winter, not to fill the tank of your car. Oddly reminiscent of anyone we know? Hmm... (Would that "Arkadia", the boardgame?) Quote Link to comment Share on other sites More sharing options...
Furby Posted March 6, 2008 Share Posted March 6, 2008 Big changes ahead. For everybody. Time for the tin foil hats yet? F Quote Link to comment Share on other sites More sharing options...
Methodius Posted March 6, 2008 Share Posted March 6, 2008 Big changes ahead. For everybody.Time for the tin foil hats yet? F I suggest that something a bit stronger than tinfoil will be required. Quote Link to comment Share on other sites More sharing options...
Guest Steve Cook Posted March 6, 2008 Share Posted March 6, 2008 (edited) We are at the beginning of the end of the oil age folks. All previous economic preconceptions are now redundant. My guess for the years ahead: irreversable reductions in energy supplies leading to irreversable rises in energy prices leading to reduced economic activity leading to monetary deflation. However, this will be in the face of increasing costs on every front leading to demand destruction for all but the most essential commodities/services. These will be such things as fuel and food whose prices will soar ever upwards increasing frequency and severity of resources conflicts (in particular, energy) leading to WWIII Steve Edited March 6, 2008 by Steve Cook Quote Link to comment Share on other sites More sharing options...
Furby Posted March 6, 2008 Share Posted March 6, 2008 I suggest that something a bit stronger than tinfoil will be required. Bunker made of gold? F Quote Link to comment Share on other sites More sharing options...
Minos Posted March 6, 2008 Share Posted March 6, 2008 We are at the beginning of the end of the oil age folks. All previous economic preconceptions are now redundant.My guess for the years ahead: irreversable reductions in energy supplies leading to irreversable rises in energy prices leading to reduced economic activity leading to monetary deflation. However, this will be in the face of increasing costs on every front leading to demand destruction for all but the most essential commodities/services. These will be such things as fuel and food whose prices will soar ever upwards increasing frequency and severity of resources conflicts (in particular, energy) leading to WWIII Steve Why did you sell your bricks then ? Quote Link to comment Share on other sites More sharing options...
Guest Steve Cook Posted March 6, 2008 Share Posted March 6, 2008 Why did you sell your bricks then ? cowardice Quote Link to comment Share on other sites More sharing options...
Minos Posted March 6, 2008 Share Posted March 6, 2008 cowardice At least you are honest. Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted March 6, 2008 Share Posted March 6, 2008 If Ben sends the US$ much lower we could see $150 bbl before summer. Even at these current prices, a severe recession is inevitable. Transport is the lifeblood of the economy and with the cost of fuel skyrocketing the prices must be passed on to the consumer is large chunks. Short term inflation followed by a worldwide crash and years of deflation.The camel's back is close to breaking folks. Take cover while you can. Diesel is 1.14 around here now. Interestingly, looking at the official figures: http://tonto.eia.doe.gov/oog/info/twip/twip.asp Crude stocks have dropped very slightly, but gasoline is way *above* normal stock levels, and distilates (diesel+heating oil) are average for the time of year. So I think the current run up is more to so with dollar weakness; it's only if those crude stock levels start to drop below of the normal range that we'll get a real run up in prices. That or reporting is being politically manipulated to try and keep oil prices down. (Tinfoil hat mode..) Interesting factoid - if the 300 million cars in the US all added 5 gallons to their tanks, the resultant 35 million barrell stock draw would quickly create local scarcities, leading to more hoarding. Fuel distribution systems rely on trust as much as banking.. Quote Link to comment Share on other sites More sharing options...
Justice Posted March 6, 2008 Share Posted March 6, 2008 Well we have tried bombing places that wanted to trade oil in euro's so maybe we should bomb OPEC and it's masters in the USA. Brown is also part of the plot and the more petrol goes up then the more tax he gets. Keep your food stocks well supplied Quote Link to comment Share on other sites More sharing options...
huw Posted March 6, 2008 Share Posted March 6, 2008 cowardice I thought it was for the flexibility to best position yourself for what's coming... I haven't sold my bricks which I reckon makes me a bigger coward than you Quote Link to comment Share on other sites More sharing options...
Guest Steve Cook Posted March 6, 2008 Share Posted March 6, 2008 (edited) I thought it was for the flexibility to best position yourself for what's coming...I haven't sold my bricks which I reckon makes me a bigger coward than you You're right Huw. To some extent it is about positioning. But there is also an element of cowardice (in other words, a degree of self doubt in one's view; at least in the short to medium term). I believe I am largely correct on the broad picture of what's heading our way as a result of the peaking of the energy supply. However, how this will pan out on a local timescale, I am utterly unsure about. This short timescale is the one in which i must make my longer term plans. The wrong investment decision now will cost dearly. It is extremely difficult to take a neutral position in terms of investments at the moment. There is no such thing right now as "no position" Steve Edited March 6, 2008 by Steve Cook Quote Link to comment Share on other sites More sharing options...
Minos Posted March 6, 2008 Share Posted March 6, 2008 You're right Huw. To some extent it is about positioning. But there is also an element of cowardice (in other words, a degree of self doubt in one's view; at least in the short to medium term).I believe I am largely correct on the broad picture of what's heading our way as a result of the peaking of the energy supply. However, how this will pan out on a local timescale, I am utterly unsure about. This short timescale is the one in which i must make my longer term plans. The wrong investment decision now will cost dearly. It is extremely difficult to take a neutral position in terms of investments at the moment. There is no such thing right now as "no position" Steve If you are unsure, best do nothing. Just make sure you enjoy yourself. Quote Link to comment Share on other sites More sharing options...
Guest Steve Cook Posted March 6, 2008 Share Posted March 6, 2008 (edited) If you are unsure, best do nothing. Just make sure you enjoy yourself. You've just about described perfectly what my position is there....... edit: with one proviso...I'm looking at the possibility of land..... but thats off topic and the subject of another thread.. Steve Edited March 6, 2008 by Steve Cook Quote Link to comment Share on other sites More sharing options...
Minos Posted March 6, 2008 Share Posted March 6, 2008 You've just about described perfectly what my position is there....... edit: with one proviso...I'm looking at the possibility of land..... but thats off topic and the subject of another thread.. Steve That thought crosses my mind from time to time. Partly because I think I'd enjoy growing my own veg. Think I'll wait until land/property is a bit cheaper. Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted March 6, 2008 Share Posted March 6, 2008 I haven’t given up on $40 oil. It is just taking a bit longer to get back there. Quote Link to comment Share on other sites More sharing options...
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