Are petrol prices actually reducing in line with falling oil prices?

[geared]

A quick google tell me that OPEC is made up of twelve members: Algeria, Angola, Ecuador, the Islamic Republic of Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

 

As I said, using a drop in price to attack the Shale industry does seem like reasonable explanation, but one thing is for sure, the lowering price of oil has ruined Russia's economy.

 

It's not an OPEC attack on the US system it's the US and Saudi Arabia that are on the offensive.

Most of the OPEC members need a high oil price to balance their budget, usually close to $100 a barrel. So the current situation is pretty dire for them.

 

The hurt is being put on Russia and on Iran, both are causing alot of instability in the middle east (and the Ukraine).

The Saudi's and the Americans can take a hit on oil price as they've got the reserves to cover it, but Russia and Iran are really in problems.

[buddysbuddy]

Our government doesn't control the price of oil!

 

I agree,--- but the government does control the taxation element which is the greatest part of the cost of fuel.

[JFKvsNixon]

I agree,--- but the government does control the taxation element which is the greatest part of the cost of fuel.

 

Has that been cut recently?

[geared]

It's not been increased, I think in quite a while.

 

The fuel price escalator that Labour brought in has been scrapped IIRC.

[999tigger]

Read the whole thread + to JFK, Halibut and Biotech Pete. Some good points. Cabt see that XT500 ever backed up his claims.

[Xt500]

Read the whole thread + to JFK, Halibut and Biotech Pete. Some good points. Cabt see that XT500 ever backed up his claims.

 

Ha ha the same claims as the ones you agree with ,the oil market IS being manipulated.

[JFKvsNixon]

It's not been increased, I think in quite a while.

 

The fuel price escalator that Labour brought in has been scrapped IIRC.

 

I know, but it was ridiculously claimed on this thread that the drop in fuel prices was a bribe in view to the upcoming election.

 

---------- Post added 14-12-2014 at 20:09 ----------

 

Ha ha the same claims as the ones you agree with ,the oil market IS being manipulated.

 

But not for the reason that you claimed, as a bribe for next years elections.

[Xt500]

I know, but it was ridiculously claimed on this thread that the drop in fuel prices was a bribe in view to the upcoming election.

 

---------- Post added 14-12-2014 at 20:09 ----------

 

 

But not for the reason that you claimed, as a bribe for next years elections.

 

You think the timming hasnt been thought through? Lets face it you know no more than i do,and no more likely to be right or wrong than i am.Its no more than what you WANT to believe.You didnt even believe earlier the markets can be manipulated but they are and have been for years.

[JFKvsNixon]

You think the timming hasnt been thought through? Lets face it you know no more than i do,and no more likely to be right or wrong than i am.Its no more than what you WANT to believe.You didnt even believe earlier the markets can be manipulated but they are and have been for years.

 

No, read the thread again, maybe a bit slower, because you've obviously misunderstood me. What I was saying was that I didn't believe that our PM could manipulate the price of oil in an effort to win the next election.

[geared]

I know, but it was ridiculously claimed on this thread that the drop in fuel prices was a bribe in view to the upcoming election.

 

oh I see, yea the drop is nothing to do with us.

They've put off a tax rise tho, bumping it onto the next government.

 

Labour pulled the same trick last election, with the 50p tax rate.