DDK - Die Deutschen Klassiker

Can someone explain to me the rising prices at the fuel pumps?
This maybe simplistic and possibly just wrong, but last summer crude was priced at $150 a barrel, this equated to roughly £1.20 a litre of go-go juice.
Then crude nose-dived to approx $40 a barrel, we saw pump prices drop to 85p/litre (ish).
Why the hell are we now back to £1.05 a litre when crude is still only $69 a barrel?

Two reasons I’m aware of:

1. That badger head chancellor keeps stiffing us for more tax.
2. Oil companies blaming weakening £.

I thought the pound had made a bit of ground on the dollar, So the way I see it, you get a bit more dollars to the pound, therefore you can buy more oil.

I know the oil companies didn’t pass the saving on for months when the crude price slumped as they said they had bought their supplies when prices where high, So Why the hell did they not buy loads when it was cheap? Why is the pump price increasing so fast?!

Also, why is there no media coverage of this issue yet? I would have thought it would be plastered all over the news by now, which makes me think I am missing the point somewhere- can someone enlighten me?

Currently feeling like we are being bent over said barrel of oil and buggered by the fat cat oil bosses and Brown/Darling while they’re all laughing at us Brits who are now proven to be willing to pay £1.20 a litre…...

supposedly the world is actually a wash with oil at the moment .... China have filled all their storage capacity & actual usage / demand is falling

at my "local" diesel is cheaper than petrol!!.. im quite happy about that (my mrs isn't ) although if they were both 10p cheaper than they are i'd be far happier..

i was only thinking the otherday we need another morrisons/asda price drop which was basically what forced the hand of bp, shell, et-al last time

The oil companies are doing soooooo bad I didnt even get a pay rise this year Still they havent asked us to swim to work yet

johnM wrote:The oil companies are doing soooooo bad I didnt even get a pay rise this year Still they havent asked us to swim to work yet

Yeah, thats what they tell you, then they'll announce record profits again

craig001 wrote:Can someone explain to me the rising prices at the fuel pumps?

Speculators

craig001 wrote:

johnM wrote:The oil companies are doing soooooo bad I didnt even get a pay rise this year Still they havent asked us to swim to work yet

Yeah, thats what they tell you, then they'll announce record profits again

same here; 20% pay cut across the board, no bonus, no rises, etc., etc., but i still got a share dividend, and the profits are about 1/2 what they were last year (despite sales being about 1/4! )

keep the shareholders happy!.. grrrr.....

left4dead wrote:

craig001 wrote:Can someone explain to me the rising prices at the fuel pumps?

Speculators

Not in this case, that would cause crude to go up, the point the OP is making is the correlation between crude and pump doesnt seem to follow true.

FX is currently at 1.64ish, it peaked around 2., which was roughly around the boom in the crude also.

Inbetween this boom and bust cycle in fx and commodities, the uk tax on fuel has of course also gone up.

Greed/speculators/exploitation.

Everyone in the country being focused on the MPs' expense scandal has allowed the steady increase to go, comparatively, un-noticed, IMHO.

you guys are just getting ripped off up there,down here in new zealand,fuel has just gone up,but we are still only 60p for petrol,and 43p for diesel,you would think with your 60 odd million people you would get a good deal on oil,something not quite right there
alex