Petrol Prices

[Kwacky]

I saw a petrol station in South Brum last night selling unleaded for £1.099

Cheapest I've seen for years.

[Perkles]

lets hope it lasts for next summer for us fair weather bikers

[Rossgo]

Really that's great hopefully that means it will spread around the whole country soon

[D6]

ive not seen it that low yet. I've seen £1.13

[C00kiemonster]

The equivalent of 86p a litre over here at the moment, shame the weather isn't good enough or I'd ride round all day every day at that price!

It's a shame petrol goes off after a while or I might stockpile it!

Shame it's opec flexing its muscles and it will go up again when they decide such

[Kwacky]

OPEC have to be careful. The US is producing a lot of oil and Russia is struggling so can't buy as much. The middle east oil producers will have to rely on China

[D6]

I thought China weren't buying as much either.

[Kwacky]

They have reduced their consumption but it's still staggeringly high.

[D41]

I think Kwacky is right.....OPEC was never the unified front it purported to be...but stick a few $$$ signs in their eyes and everyone is friends.
Gas prices are low as hell here too right now....the lowest I've seen in maybe 10 years....which figures, as I don't really drive anymore....$20 will last me a month, no matter the cost..

Word is....they're going to keep on dropping for a while

[Frankie]

Seems to be the same here, listening to the news yesterday. But even so the tax the gov stick on top we will still pay through the nose for our fuel. I will never forget the day when it all changed from gallons to litres at the pumps, but the price did not alter a great deal.... Fecking crooks!
Had to be the biggest sneaky, stealthy fiddle ever!

[Blade]

OPEC are happy for it to fall to $40 a barrel and at a recent meeting they have decided to maintain current production levels, their trying to kill the competition in a price war basically. Alot of recent projects have budgeted on $85-95 so quite a few projects being cancellled which might subsequently have knock on effects in years to come. Brent crude is currently trading around the $60 mark but was above $100 only back in June. The problem is over supply by OPEC not cutting back and the US shale industry now a major new player improving supply when demand is reducing. These two points combined with China not consuming the same volume of recent years and the US importing less again due to the US shale market being able to meet more of the demand are all factors in driving the price low. I think the US are now 90% sufficient where as a few years back it was more like 70% so perhaps that's why they aren't so keen on waging war in oil rich middle East country's at the moment anyway.

[duke63]

There is also the issue of trying to stop the world going back into recession.

Another recession now could be calamitous.

[Monty]

I wondering if this isn't about stuffing Putin up. It's certainly having a big affect on the Russian economy

[Kwacky]

Russia is pretty much on its knees. They've got a recession coming.

[Blade]

And scarily wars are a good way to galvanise a nations people behind a leader and take there mind of their own current national troubles. Let's hope I be got that wrong and they don't try more land grabs using military force.

A desperate leader with nuclear weapons, a huge army, navy and air force can throw a lot of weight around.

[Kwacky]

That's one of the reasons they grabbed Crimea, so they don't have to pay Ukraine the massive rents

[D41]

OPEC are happy for it to fall to $40 a barrel and at a recent meeting they have decided to maintain current production levels, their trying to kill the competition in a price war basically. Alot of recent projects have budgeted on $85-95 so quite a few projects being cancellled which might subsequently have knock on effects in years to come. Brent crude is currently trading around the $60 mark but was above $100 only back in June. The problem is over supply by OPEC not cutting back and the US shale industry now a major new player improving supply when demand is reducing. These two points combined with China not consuming the same volume of recent years and the US importing less again due to the US shale market being able to meet more of the demand are all factors in driving the price low. I think the US are now 90% sufficient where as a few years back it was more like 70% so perhaps that's why they aren't so keen on waging war in oil rich middle East country's at the moment anyway.

Good post.

Most US oil imports now come from Canada or Mexico.....the Saudi imports have dropped to about 8%...8% of 10% is not very much......the scapegoat for Europe in regards to the US has always been "Oh, they're after the oil!!" NO.....we just don't tax the feck out of anyone who wants to buy it.

[Kwacky]

I paid £1.139 this morning. Most I've paid this year is £1.479

Rumours are it could drop below £1 a litre.

[Bratty]

I think I paid the same at Asda this morning

[Rob]

I filled the car up with Super Unleaded today at £1.159 a litre....bargain!