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[Field Marshal Dr. Opti]

I have just paid 94.9 at Asda in Boston ......The big boys at OPEC have had a chat. Apparently 1.5 million barrels less of oil will be produced daily.....so expect prices to rise again soon. :-/

[Lizzie_Zoom]

Yep, in Ashford today 96.9p a litre at Sainsbury's , but as you correctly state Optimist it will not last with the £ falling against the $ if for no other reason like OPEC etc!

[Tony H]

Even after the decision by OPEC  cut production the price of oil still fell.

[Lizzie_Zoom]

Even after the decision by OPEC  cut production the price of oil still fell.

I would suggest Tony that is because the fuel at the pumps now was produced from oil bought well before the OPEC decision, and it will be the oil entering the 'spot' markets now that will be effected.  In addition the pound fell again against the American dollar today and as oil is bought and sold in American dollars, oil will cost us more in the UK.

[Tony H]

Even after the decision by OPEC  cut production the price of oil still fell.

I would suggest Tony that is because the fuel at the pumps now was produced from oil bought well before the OPEC decision, and it will be the oil entering the 'spot' markets now that will be effected.  In addition the pound fell again against the American dollar today and as oil is bought and sold in American dollars, oil will cost us more in the UK.

Yup probably best to fill up now the pound has hit $1.60

[Field Marshal Dr. Opti]

Even after the decision by OPEC  cut production the price of oil still fell.

I would suggest Tony that is because the fuel at the pumps now was produced from oil bought well before the OPEC decision, and it will be the oil entering the 'spot' markets now that will be effected.  In addition the pound fell again against the American dollar today and as oil is bought and sold in American dollars, oil will cost us more in the UK.

Yup probably best to fill up now the pound has hit $1.60

Agreed.Managed to buy 50 litres for £48....a nice feeling.

[cem_devecioglu]

Today I bought 30 liters with %5 increased price as TL dropped against $ :-/

[cem_devecioglu]

Also I must say that my salary dropped % 40 in $ in last 3 weeks  

[Dusty]

I believe that the days of falling petrol prices will soon be over.
I would expect it to reach £1 per litre shortly. This will feed into inflation ,which may in turn delay or reduce any likely interest  rate reductions....let us hope this does not happen. :-/

[Nickbat]

Even after the decision by OPEC  cut production the price of oil still fell.

I would suggest Tony that is because the fuel at the pumps now was produced from oil bought well before the OPEC decision, and it will be the oil entering the 'spot' markets now that will be effected.  In addition the pound fell again against the American dollar today and as oil is bought and sold in American dollars, oil will cost us more in the UK.

No, Lizzie, the futures price has dropped to $62. if supply tightness is to be expected, the futures price will be higher than spot (known as a "contango"). As I said in the other thread, despite the fall in sterling, I still expect petrol to drift lower and, all other things being equal, bottom out around 85p to 90p per litre.  

[albitz]

I hear Mervyn Kings job may be vacant soon Nickbat.
I think you should apply,you seem to have a finger on the economic pulse a lot more than he does.

[Kate]

Well it's great about fuel prices.

My problem is that I buy thyroid tablets from America and they are getting more and more expensive due to the £ falling.

[Nickbat]

I hear Mervyn Kings job may be vacant soon Nickbat.
I think you should apply,you seem to have a finger on the economic pulse a lot more than he does.

Thanks for that compliment. I can't apply, though, as I don't have a silly pair of glasses   and I wouldn't be prepared to go on TV every two seconds telling people how bad it's going to get.

That's the trouble with King and Brown, they are fond of the spotlight. At the end of the day, spouting on about recession is utterly pointless, since it's a self-fulfilling prophecy. For most in this country, although their pensions are temporarily devalued (next 2-3 years?), life has gone on as normal over the last few weeks.* However, go on enough about recession and people will stop, shopping, eating out, booking holidays, buying cars, doing DIY projects (the list is endless) and bingo, you have a recession!

* With apologies to anyone who has recently been laid off or made redundant.
 
This is not about economic science, it's about human sentiment.

[sluggi]

The bbc news keep pushing ressession :-/

[Phil B]

I hear Mervyn Kings job may be vacant soon Nickbat.
I think you should apply,you seem to have a finger on the economic pulse a lot more than he does.

Thanks for that compliment. I can't apply, though, as I don't have a silly pair of glasses   and I wouldn't be prepared to go on TV every two seconds telling people how bad it's going to get.

That's the trouble with King and Brown, they are fond of the spotlight. At the end of the day, spouting on about recession is utterly pointless, since it's a self-fulfilling prophecy. For most in this country, although their pensions are temporarily devalued (next 2-3 years?), life has gone on as normal over the last few weeks.* However, go on enough about recession and people will stop, shopping, eating out, booking holidays, buying cars, doing DIY projects (the list is endless) and bingo, you have a recession!

* With apologies to anyone who has recently been laid off or made redundant.
 
This is not about economic science, it's about human sentiment.

Didn't think Merv made many addresses?

I wholly agree with your stab though. How can so much trouble be fuelled by speculation when none of us in the engine room speculate?