Reply to: Oil

[TimberWolf]

Petrol is one of the lighter fractions of hydrocarbon chains distilled from crude oil, but that doesn’t mean it necessarily has to come from crude oil. And depending on the oil quality, you might have plentiful supply of crude to supply demand but still a shortage of petrol.
http://www.newscientist.com/article/mg13217913.000.html

[VectraMan]

I remember an ex-girlfriend of a mate of mine saying that she couldn't why everyone was worried about the price of oil because she only put oil in once a month or so. She was more worried about the price of petrol...

You may laugh but I caught some of BBC news at ten yesterday, and Gavin Estler, economics editor explained that "petrol comes from oil".

John Craven's newsround was more intellectually challenging in its day than both the BBC and ITV main evening news programmes are now.

[oracleslave]

I remember an ex-girlfriend of a mate of mine saying that she couldn't why everyone was worried about the price of oil because she only put oil in once a month or so. She was more worried about the price of petrol...

couldn't understand?

HTH

[TheFaQQer]

I remember an ex-girlfriend of a mate of mine saying that she couldn't why everyone was worried about the price of oil because she only put oil in once a month or so. She was more worried about the price of petrol...

[DimPrawn]

Wait until oil hits $200, then these will be practically given away.

Yes but £1 will buy $10.

[AtW]

must admit I'm hankering after a R8

Wait until oil hits $200, then these will be practically given away.

[Troll]

Cheap as chips then.

I'll get my V8 on order forthwith.

must admit I'm hankering after a R8

[DimPrawn]

Year ------------------------------------------Money of - --- Inflation
---------------------------------------- ----the day --------- adjusted


1864 - Pennsylvania oil boom $8.06 $104.35
1876 - Russian oil exports start 2.56 48.64
1948 - Rebuilding post World War Two 1.99 16.74
1974 - Arab oil embargo 11.58 47.54
1979 - Iranian revolution 31.61 88.13
1980 - Iran-Iraq war starts 36.83 90.46
1990 - Iraq's invasion of Kuwait 23.73 36.76
1998 - Asian economic crisis 12.72 16.22
2003 - China 2nd biggest oil consumer 38.27 40.83
+2007 Year-to-date average 67.38 67.38

[DimPrawn]

Whale oil?

Crude oil. Same tulip we use today.

[AtW]

If you ignore UK taxation on fuel then price of oil is cheap (for the motorist).

100 years ago it had the same price, so what? Back then only rich people used cars that were driven on petrol. Right now price of oil affects a lot more people than before, even in the 70s.

[Churchill]

PS. In real terms, adjusted for inflation, oil was more than $100/barrel in 1864

HTH

Whale oil?

[DimPrawn]

Oil is priced in dollars.

OPEC control the pricing through production.

If the dollar falls in value, what do you think happens to the price of oil?

Does it get cheaper or does the price per barrel rise as the dollar falls?

Well, done, you now understand why the cost of a barrel of oil priced in dollars is rising.

PS. In real terms, adjusted for inflation, oil was more than $100/barrel in 1864

HTH

[BrilloPad]

What I find interesting is the parallel between the price of oil and a frog in water on a stove.

Small incremnents are fine - but a massive increment causes pain.

I say double the price to $200 now and get some cars off the road. Also will cause goods made in China to reflect the cost of shipping - we need more manufacturing in this country.

[VectraMan]

Just filled up..how TF can 4 star be cheaper than diesel??

4 star? You must have filled up in the 80s.

[Troll]

The Treasury is saying in real terms petrol tax is 11% cheaper than x years ago.... so lets keep the escalator going!

Just filled up..how TF can 4 star be cheaper than diesel??