How good are gas prices right now?

[Bling]

I saw it done on only fools and horses too on xmas day

Prices are pretty mint compared to what they used to be I recall about $2.40 ish for 98 not that long ago!

[Adamal]

Completely agree they could give a shite about us as consumers I can't believe people think oil companies are doing us a favour,yeah right quoting a Tui add basically there legalised criminals the price's they charge on petrol its just criminal.

Criminal ?? So you're saying that if YOU had a company spending billions to get oil out of the earth you'd just give it away ? Don't be ridiculous. Its a business yes, and due to its nature it is susceptible to outside pressures ( government, terrorist activity etc ) and while we would love for petrol companies to make fuel cheaper they wont. Why would they ? Its a business, just like selling water. People pay up to $3 for half a litre of water ... THATS criminal.

yea, i agree there. Exspecialy when the bottled water is bottled from a local tap, sealed then sold to tourists for $3 a 500ml. yes i have seen this done

People have a choice in that situation though. They can buy expensive water, or get it from the tap at home.
Shit, I wish I could get gas from a tap at home for free!

[Dutton]

People have a choice in that situation though. They can buy expensive water, or get it from the tap at home.
sh*t, I wish I could get gas from a tap at home for free!

Except it'd have all sorts of additives in it that make it taste squiffy!

I bet our cars would much rather they drank at the pump than from home in that situation

[Leon]

In some ways, it is a slight concern that milk costs more per litre than petrol does. Considering the amount of processing and transporting involved in oil, versus the amount of processing and transporting involved in producing milk.

[Scotty]

Completely agree they could give a shite about us as consumers I can't believe people think oil companies are doing us a favour,yeah right quoting a Tui add basically there legalised criminals the price's they charge on petrol its just criminal.

Criminal ?? So you're saying that if YOU had a company spending billions to get oil out of the earth you'd just give it away ? Don't be ridiculous. Its a business yes, and due to its nature it is susceptible to outside pressures ( government, terrorist activity etc ) and while we would love for petrol companies to make fuel cheaper they wont. Why would they ? Its a business, just like selling water. People pay up to $3 for half a litre of water ... THATS criminal.

yea, i agree there. Exspecialy when the bottled water is bottled from a local tap, sealed then sold to tourists for $3 a 500ml. yes i have seen this done

People have a choice in that situation though. They can buy expensive water, or get it from the tap at home.
sh*t, I wish I could get gas from a tap at home for free!

You can go get your own petrol. You just have to go find your own oil, pump it out and process it.

[jerm]

A friend linked me to this a short time ago, quite an interesting read

2008 oil recap. and what is next by Steve Austin - 2009/01/05


It took only 5 months for the price of oil to plummet from $150 to under $40 in the second part of the year. Meanwhile oil consumption did not even decrease 10%, so what is the real cause of this collapse you may ask?
Hedge funds. Let me explain.


During the first part of 2008, Western economies were already slowing down noticeably and hedge funds gradually pulled trillions of dollars out of the market and parked them in energy ETFs. At the time Chindia's insatiable thirst for oil and the "decoupling" of east/west economies had many believe commodities were a "sure thing", a sound enough tangible insurance to protect overinflated assets scavenged from made-up bubbles. On top of that, by using leverage, profits were multiplied as oil went up, not a bad deal in a recession.
But when the banking industry collapsed, hedge funds had to raise cash by "deleveraging", liquidating their leveraged energy ETF positions sending the price of oil tumbling. Anecdotally shorting of banking ETFs was suspended by the US Securities Commission during that time but not shorting of energy prices, and the leverage mania soon found an escape route in utrashort oil ETFs, compounding the speed of this downward spiral. By December 2008 the oil price had collapsed 75% and frankly, who would complain about cheap gas these days?
As we enter 2009 the oil landscape has reversed dramatically from a year ago.


The price of oil is lower than production costs and new exploration projects are being cancelled.


China flush with cash is currently buying all the oil it can get its hands on to pump into its strategic reserves. Once arrogant OPEC countries are willing to sell oil at any price to fund government programs and prevent political instability.
One constant however is the depletion of major oil fields, worse than predicted at 9.1% year over year as we close 2008. It's a matter of when not if the economy recovers and when it does, expect a strong bounce back in the price of oil.

[Dazed&Confused]

celebrations may end soon, its on the way back up

[Leon]

Yes. Blink an eye, and the petrol goes up 16c / litre.

Anyone care to bet that the oil companies all continue to report record profits this year, much as they have been doing for years now?

[2jayzgte]

For sure they got us to ransom people keep going on about the economic effects this and that but really there just GREEDY F**KERS.

[GTCRSHR]

funny how it never goes down 15-20c but they make a big deal out if it when it goes down 3 or 4

[Adamal]

The massive increase in fuel costs last year probably helped screw the world wide economy, so the oil companies backed down a bit. Everything is on the way to coming right again, and they're going to bump up the prices a bit more, just not being as greedy as they were as to not colapse the fragile economical state.

[GTCRSHR]

they have already basically ruined the US car making industry ...

big woop some say ... until all the companies that supply them parts/labour etc start going falling over and has a trickle down effect

[Adoom]

Awwwww MAN I just bought a VEE Eight and the prices start coming back up