Sunday, May 20, 2012

Oil hit a 2012 low on Friday - down to less that $107 a barrel - on fears of slowing demand from the crumbling euro zone and weak economicdata from China. Seems banks and hedge funds have suddenlylost their appetite for commodity risks. Any bet based on improving growth is looking a littel rash at the moment.The dollar is also strengthening which puts futher pressure on commodities priced in greenbacks. Thats why we're seeing falls in UK pump prices this weekendand supermarket cuts of 2p a litre. One positive effect of Greece leaving the euro zone is that demand forcrude could fall by up to two million barrels a day as European growth goes into reverse. That could send oil down to as low as $60 with forecourt prices tumbling too.


Was amused when Cameron said that his meeting with Obama included discussions on measures to ease the price of oil - 'very high oil prices that translate into high prices at the pumps'. This, correct me if I'm wrong, is the very same Prime Ministerwho is allowing his Chancellor to stuff his electorate with a 16p a gallon fuel rise in duty this August. In the US high oil prices may translate to higher pump prices, but here in the UK,unsupportable pump prices are because of one thing alone. The second highest fuel tax duty regime in the world with 60p of every litre going in tax. I hesitate to apply the word hyprocrisy here, but that's what it sounds like.I'll be indulgent (for once) and say maybe this factual disconnect is because Cameron was just being matey with Obama.One thing's for sure though,if Obama tried to inflict a 60% fuel tax on the American public, his chances or re-election would disappear likea rain drop echoing into an ocean.

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[ posted by Paul Holt, 20.05.12 09:52 ]

Just remember that it's not a 60% fuel tax, 60% of the pump price is tax while the actual rate of taxation is more like 200%.


[ posted by james h jones, 20.05.12 10:15 ]

I find it increasingly difficult to drive past any filling station without yelling out loud, "Thieving b******s!"
This invective is aimed at both our government and the oil company fat cats, equally.


[ posted by dale woolgar, 20.05.12 10:23 ]

I agree whole heartedly, fact is that when i speak to Americans and mention our fuel prices they have all said one thing..." We couldn't afford to live with prices like that".
Our government are so out of touch with the average Joe on a normal 20k a year wage that they don't care anymore, fuel is a quick buck money maker which seems to be the governments way of thinking.

long term should be the thought of the government, lower fuel duty and i and everyone else could travel further for work equating to more income tax and less people on Job Seekers.Simple but time consuming, they are blind.


[ posted by steven page, 20.05.12 11:10 ]

You're absolutely right about Cameron there Quentin. I found what Cameron said laughable but also disgusting that he blames high crude oil prices. The public have asked for a cut in FUEL DUTY not a cut in oil prices, the public is not stupid and we're starting to see more people protesting against this government because of it. What a fool.


[ posted by alan bailey, 20.05.12 11:14 ]

Its a pity we have so many foolish MPs that dont understand the damage they have done with their escollater taxes, and then they have the cheek to insist they are helping this country get off of its knees by taxing us even more,


[ posted by Tristan, 20.05.12 11:23 ]

Quentin, either talk in prices a litre or Gallon. When you talk of price cuts you say "per litre" then when you talk of price rises you talk in "price per gallon" which then looks significantly more bloated.

I hate the high fuel prices, but don't make things worse by making the price hikes sound worse than they are. Prices at the pump and what we pay are in pence per litre. So I suggest you stick to that.


[ posted by nigel coe, 20.05.12 11:34 ]

Don't we see this all the time, just when it looks like we may get some relief from these stupid prices it coincides with a government hike in tax back to what it was before the oil price dropped. it's as if the government say "right they are used to paying that price now so lets keep it there and then blame oil prices next time it goes up again. until this and succesive governments realise that the game is up and we won't let them continue like this, we have to spread the word and keep piling on the pressure.


[ posted by Steve Charles, 20.05.12 16:53 ]

As a mere ordinary British person I'm totally fed up with the constant demands of politicians that, we the ordinary British person must pay more taxes of all sorts to bail out this country, when if the politicians stopped giving away £millions to any other country that says they need help as they have some problem or other. Please lets sort out this country first then maybe help others! As for a 60% tax rate on fuel that just in furiaes me!!!


[ posted by John Dexter, 21.05.12 16:41 ]

The government has already admitted that as more fuel efficient cars and reduced emission incentives mean less revenue the reduction to the exchequer will have to be made up.'The motorist will have to bear his share of the tax burden'. Make of it what you will but a reduction in fuel pricing is just cloud cuckoo land. we all just take it time and time again and the government know it. How can you change it ? well voting will not make the slightest difference with our party system as it stands. Somehow we need a revolution in this country and do away with the ridiculous party system and give the country back to its people to decide.


[ posted by Jim King, 21.05.12 17:57 ]

I must say I do agree with Tristan. I am all for the fair fuel campaign and back it totally. Just don't agree with the slimy politician style tactic of announcing cuts in pence per litre, and raises in pence per gallon.

also I notice that when you announce the raise you announce with VAT added too. Which is nice (people should know about this) but it would be more effective to break it to a Rise of 3.02 pence per litre, which attracts a further 0.604p vat making it a raise of of 3.624 pence per litre.


[ posted by Andrew Batty, 21.05.12 23:28 ]

I have just had a reply from my conservative MP after I emailed the campaign statement, I will leave you all to make up your minds if I am allowed as to what side of the fence this government is sitting on!
Dear Mr Batty

Thank you very much for contacting me about motoring costs. I do understand the impact high world oil prices are having on families across the country, especially at a time when household budgets are already severely stretched.

The Government has listened to many genuine concerns and has already taken firm action to help hard pressed motorists. Under Labour’s plans, fuel duty was due to rise twice this year: in his Autumn Statement the Chancellor scrapped the second planned increase and delayed the first increase until August.

Despite the huge deficit we inherited, and against a tough global economic background, the Coalition also cut fuel duty by 1 pence per litre last year


[ posted by Nigel Coe, 22.05.12 18:05 ]

Yes Andrew i had exactly the same reply from my MP very nearly word for word, obviously toeing the party line, however a week or so later i recieved another reply in the post, much more personal this time, saying he is pushing for relief for rural areas such as ours etc. And doesn't it drive you mad the way they bang on about how much it would have cost if they hadn't stopped labours 10p rise. don't give a damn what it might have been it is what it is. Nige.


[ posted by alan bailey, 22.05.12 19:40 ]

very interesting letter from your mp andrew batty they are still harping on how much they have helped us by cutting 1p that just shows how out of touch they really are instead of 1p it should be 50p to make a difference, they are still holding the increase in august over our heads, and at the last minute they will cancel it and tell us how much they have saved us by a non event, they must think we are all stupid, to believe the rubbish they are spouting,it was not our fuel that got them in this mess they should be taking it from the banks who caused all this trouble in the first place, instead they bail out northern rock then sell the profitable part off at a knock down price, if these fools were in busines they would go bancrupt in weeks.


[ posted by chris ayres, 23.05.12 14:52 ]

in my opinion the high fuel prices are one of the reasons why we are in recession because its obvious if peoples mobility is impaired and they cant afford to get to work or even drive the car to go shopping then people will not have as much money to spend as before and also if fuel prices dont come back down to a reasonable level then food prices will keep going higher and higher becasue the cost of filling up the hgv lorrys that deliver food to supermarkets will be higher but as usual the politicians dont care about the ordinary working class man and woman they only care about themselves and keeping themselves in their 60000 pound plus job a year so i predict in 5 years from now petrol will hit 2pounds a litre and diesel will cost 2pounds 50pence per litre so i hope something can be done


[ posted by V. O'Donohue, 31.05.12 15:19 ]

Cameron pretending to care about our fuel prices! Typical political double speak. Life has become impossible for most of us; the cost of fuel at the pumps is pushing up the cost of everything, not only our trave; the cost of fuel to the home and businesses is crippling most of us who are having to choose between eating and paying our bills; most of us cannot even afford to buy other essentials, like clothing. There will be no growth while we can't spend.

What I would like to know is to whom do so many countries in the world owe money? Who, exactly, is receiving the money extracted from us by the government, less and less of which is being spent on services we all need? Whoever these people are, they are the ones who should tighten their belts.


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