Is it going to sky rocket this year or stay around 1.30?

Depends if the oil and gas traders wish to self servingly make themselves more money or not.

I can confidently predict that petrol (fuel in general) prices will continue to rise.

The faster we use it, the rarer it gets, the more expensive it gets.

no doubt that there are profit motives, but oil is getting more and more expensive to extract as the easy-to-get-at stuff runs out. If I remember correctly it costs about a barrel of oil to extract 20 barrels of oil from the north sea, but with newer sources like extracting oil from sands and shales it costs a barrel of oil to extract just 4 barrels.

As BP have been demonstrating some oil is very expensive and difficult to get at

yes apparently it is scare, running out and in high demand,
I can alss predict rain at some point this year and that the tides will both come in and go out

is an eta set for when oil will be finished for consumers?

This is the crack(ing) with petrol:

A stronger pound would help us – oil isn’t as expensive as it has been at most but the pound is so much weaker now.

Isn’t the increase in fuel/oil going to go up at the same rate for the next ten years? Or did my ears decieve me when the radio was on yesterday…

Some commentators would have us believe that oil production peaked around the time of the financial crisis of 2008 and could well have precipitated it.

Not sure about that personally, but oil is a finite reserve and as it becomes more difficult to extract and more countries want it then it will go up in price.

Peak oil and its repercussions is quite an interesting topic if you have the time.

The faster we use it, the rarer it gets, the more expensive it gets

time to panic buy then.

time to panic buy then

I’ve already filled the bath up with petrol in preperation – you suckers 😈

There is also the minor issue of demand coming from China and India, as they increase demand the reserves available get used quicker. And without a new cheap source fuel will keep on rising in price.

and despite all the talk of devaluation, the pound is back to a reasonably “normal” level against the Dollar, a lot lower than the value it got to a couple of years ago but more normal. As fuel is priced in Dollars that us the exchange rate to watch.

world-wide oil production seems to be ‘bumping along the top’ at about 85million barrels per day.

which is loads.

however, it’s almost exactly the same amount as we’re using.

and every year, more and more people want more and more oil.

prices will rise due to demand, and the people who produce it won’t be desperately keen to produce more just to bring prices down.

price of oil aside, most of what we pay for petrol/diesel is tax, which won’t be coming down anytime soon, or at all, ever.

this image taken from http://www.theoildrum.com

the red-line shows fossil-oil, the blue line includes everything, stuff like bio-diesel etc.

this is a good one:

[video]http://www.youtube.com/watch?v=nsJAlrYjGz8[/video]

Well worth a watch, scary.

This topic is suitably depressing.

Is it going to sky rocket this year or stay around 1.30

It *is* £1.32 here already, diesel is £1.37 today….

Well, I got your joke stoner. 8)

My talents are wasted round here 🙂

My talents are wasted round here 🙂

It was a good un, subtle kind of.

Bit surprised/disappointed at the lack of geek jokes around here recently. STW’s going downhill!

Thought the 36p increase in fuel tax over the last couple of years was the culprit. Thats INCREASE by the way – it was already extortionate at normal rates.
Interesting how the fuel protests (last ones at about 85p/litre weren’t they?) have been absent.

One advantage of higher petrol and diesel costs is that the poor won’t be able to clog up the roads so much.

given fuel duty raises so much income for the state and as result allows lower income tax, how much would income tax have to rise to remove fuel duty ???
anyone find any data on the web,
and if their is such data, would you vote in favour ?

“The Dismal Theorem”

“If the only ultimate check on the growth of population is misery, then the population will grow until it is miserable enough to stop its growth.”

“The Utterly Dismal Theorem”

This theorem “states that any technical improvement can only relieve misery for a while, for so long as misery is the only check on population, the [technical] improvement will enable population to grow, and will soon enable more people to live in misery than before. The final result of technical] improvements, therefore, is to increase the equilibrium population which is to increase the total sum of human misery.”

Third Theorem: “The moderately cheerful form of the Dismal Theorem” : .

“Fortunately, it is not too difficult to restate the Dismal Theorem in’ a moderately cheerful form, which states that if something else, other then misery and starvation, can be found which will keep a prosperous population in check, the population does not have to grow until it is miserable and starves, and it can be stably prosperous.”

Boulding continues, “Until we know more, the Cheerful Theorem remains a question mark. Misery we know will do the trick. This is the only sure fire automatic method of bringing population to an equilibrium’. Other things may do it.”

Kenneth Boulding

Pretty sure I read that 2010 avg price was around $80 per barrel. Currently around $85 and some predict $95-$120 per barrel through 2011. Though reported anxieties that if peak at that level will jeopardise any economic recovery .

Happy New Year!

I still reckon petrol/diesel’s a huge bargain. £1.35 a litre for a nonrenewable substance that has to be drilled out of the core of the earth, sometimes from under the sea, then shipped off for refining, and it’s only £1.35? A pint of cider costs more and it’s just squashed apples. Sure it’s mostly tax but still- £1.35! Mad bargain. It’s only as cheap as it is because crude oil is stupidly cheap, considering that it’s going to run out. Nonrenewables should be staggeringly expensive, we should savour each drop, but instead because nobody has to make them they’re cheap. Ask your grandkids in 50 years if they think this is expensive.

What else can I buy for £1.35 that’s as useful as a litre of diesel?

(I made this post almost word for word on another forum yesterday, apologies to anyone who by some freakish occurance reads both)