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The fuel in the hull
What is happening to the fuel prices? I heard on the wireless that there was a glut of oil and yet Petrol prices here in S.E. Kent are 103.9p a litre. What on earth can we do about this? We need our car as Public Transport is useless around here. Is there a plot to keep us all in a small area to be able to control us more effectively?
Asked on 1 August 2009 by
Answered by
Honest John
Speculators anchored 14 tankers off Lyme Bay, Brixham in April waiting for the UK price to rise. They were the Aegean Orion, Aegean X, Alkman, Cefas Endeavour, Condor Express, Donax, Endeavor, Energy Centaur, Eurosund, Petali Lady, Phoenix Hope, Portland, Torinia, Torm Ingeborg. Tankers were also anchored in Scapa Flow in January. Explanation from www.Investmentu.com: In April you could buy oil for $36 a barrel. And you could lock into a contract to trade oil in June for $51.30. When futures prices are higher than current prices, it’s a situation called “contango”. But storage capacity has run out. Oil tanks are filled to the brim. So instead of traditional on-shore tanks, investors have taken to borrowing tanker ships, filling them up, and letting them float offshore. A Suez-max tanker costs about $46,000 per day for rental and carries 1 million barrels. That’s $15 million income for an outlay of $8,280,000.
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