Fuel prices are going to hit an all time high next week ;reports BBC and others this morning
Where will it end ,will we see half litres being shown on price boards instead of litres just to make our fuel seem cheaper than a pound!
or are heading for £2 a litre as some predict ?
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Is petrol going up quicker than average wages? It would be nice to see statistics relating petrol prices to wages.
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L\'escargot.
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Apparently the so called experts tell us that this is another blip (not that I believe them). Prices are high because of the late easter holiday combining with an American bank holiday they call the driving holiday - when all the yanks get into their enermous tanks and drive away for a holiday. This is putting extra strain on supply at the moment.
Added to the fact that Bush and his poodle are sabre rattling over Iran also.
I listened to a radio report that said prices would come back down after the summer. My view is that this will be just in time for winter to start and they will tell us that prices are high because we are heading for another cold winter - lets wait and see - but it is worrying though - the cost of motoring is just going through the roof at the moment. I remember my dad saying to me about 10 years ago that they will not be happy until they have priced the ordinary working man of the road - I told him not to be so stupid !!!
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Fortunately for me, diesel at my local garage is now stuck at 99.9 for the forseeable future as the garage sign has run out of numbers.
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I posted these links in the UK car industry thread to reassure people. I post them again here to frighten people. Today China, tomorrow, er, western Europe...
img167.imageshack.us/img167/1387/att000618is.jpg
img190.imageshack.us/img190/1874/att000674tl.jpg
img190.imageshack.us/img190/1628/att000733vj.jpg
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In my trek up and down the uk yesterday diesel varied from 96.9 (York) to 102.9 (some little place in the sticks in hampshire) I was glad that I had filled up in York.
Remember when 4* hit £1/gallon ?
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I have been bullish on oil prices for years and post here on this and keep getting told I'm wrong..
It's simple really. Demand for oil is rising and no new big fields are coming on stream to replace declining one.
If you don't hold oil shares now, it's not too late to treble your money...
Oil hits new high above $74 on supply fears
Apr 20, 2006
By Alex Lawler
LONDON (Reuters) - Oil jumped to a fresh record high above $74 a barrel on Thursday after a steep drop in U.S. gasoline inventories fueled fears of tight summer supplies at a time of growing anxiety over Iran's exports.
The United States government on Wednesday reported a larger-than-expected drop in gasoline inventories of over 5 million barrels, adding to concern created by the shutdown of almost a quarter of Nigeria's oil output and the row over Iran's nuclear program.
"We've gone from comfortable U.S. gasoline stocks to average and seem to be heading very clearly toward the low of the range," said Deborah White of SG SIB Commodities in Paris. "The market is worried about that."
London's Brent crude climbed as high as $74.22 a barrel, its eighth consecutive session to mark a new peak. It was trading down 9 cents at $73.64 a barrel by 1320 GMT.
U.S. May crude oil futures were down 14 cents to $72.03, hitting an all-time high of $72.49 earlier.
Gasoline stocks fell in the U.S. as imports slipped, while demand averaged over 9.1 million barrels per day (bpd), 0.8 percent more than a year earlier, the U.S. Energy Information Administration said in a report.
The decline left U.S. gasoline inventories at the bottom of a five-year range in terms of days of supply, U.S. consultant PFC Energy said in a report, ahead of the summer when demand for the motor fuel peaks as motorists take to the road for holidays.
"Demand continues to rise against a backdrop of stagnant supply," said analyst Bruce Evers of Investec Securities. "It's going to be a very interesting summer."
STRONG DEMAND
Oil's surge is part of a broader rally in commodities as investors seek to beat the returns available in equities or bonds. Gold hit a 25-year peak, silver reached a new 23-year high and platinum soared to a record on Thursday.
"We continue to see fund action," SG's White said. "They are coming in across the basket of commodities."
Oil prices have nearly tripled since 2002 and analysts see few signs of the rally coming to a halt as levels push closer to 1980 inflation-adjusted peak of $82 a barrel, setting alarm bells ringing in consuming nations.
Record oil costs so far have yet to derail growth in oil demand or the world economy.
"We are not seeing any material demand destruction even at these prices," said Finlay MacDonald at Britannic Asset Management, who helps run more than $30 billion in UK equities, including BP and Royal Dutch Shell.
China, the world's second largest oil consumer, said on Thursday that its gross domestic product in the first quarter had grown 10.2 percent from a year earlier, marking a pick-up from 9.9 percent in the fourth quarter.
A day earlier, the International Monetary Fund hiked its 2006 forecast for global growth to 4.9 percent, the best since 1976 apart from 2004.
today.reuters.com/business/newsArticle.aspx?type=o...L
madf
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Fortunately for me, diesel at my local garage is now stuck at 99.9 for the forseeable future as the garage sign has run out of numbers.
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David, perhaps you weren't about when petrol first went over £1 a GALLON. That too happened fairly quickly IIRC and the pumps weren't able to show above 99.9p, the garages got round it simply by setting the pumps to 51p a gallon and putting sigmns up everywhere saying that the price charged was double the indicated price on the pump i.e. £1.02 a gallon.
Bear in mind that was back in 1979 I don't know how changes in consumer law would affect such a practice but don't be surprised if they find a way round it.
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A few garages have got round this by using 2 digits in the "tens" column - i.e instead of "9" substitute with "10", rather than introducing a "hundreds" column.
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>>>David, perhaps you weren't about when petrol first went over £1 a GALLON. That too happened fairly quickly IIRC and the pumps weren't able to show above 99.9p, the garages got round it simply by setting the pumps to 51p a gallon and putting sigmns up everywhere saying that the price charged was double the indicated price on the pump i.e. £1.02 a gallon.
Bear in mind that was back in 1979 I don't know how changes in consumer law would affect such a practice but don't be surprised if they find a way round it.
Brings back memories. I remember driving down to Cornwall for a holiday with my fiance in 1985/6 in an old MK1 fiesta ghia.
On running low of petrol we stopped in a village in the middle of nowhere and found a served pump that was set to display half the gallons dispenced as the price could not be set any higher.
I recall the "right" amount of pounds filled the tank though.
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