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Old 23rd May 2008, 17:53   #16
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Originally Posted by lurker View Post
fuel has now become the biggest scam .. what should be around $40 has now been pumped up by speculators and racketeers in what can only be construed as a crime against humanity.
Thats very true.
Just today i read in a newspaper that consumption has increased by only 1% in last 2-3yrs but look at the prices.

Last edited by rsjaurr : 23rd May 2008 at 17:58.
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Old 23rd May 2008, 19:04   #17
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12.8 Rupees per liter here in Muscat, Oman

I am quite surprised to find out dubai has such a high petrol price despite it being an oil rich country. This rate however has been pretty constant here in Muscat for some time now.

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Old 23rd May 2008, 19:11   #18
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Currently in UK, regular unleaded 1.14 - 1.18
Diesel appx. 1.30 per liter

Nearly 40% increase over last year.
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Old 23rd May 2008, 21:15   #19
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Originally Posted by lurker View Post
Please read this article very carefully to know what is going on in the oil and petroleum sector and real reasons of oil price rise. The author has been studying the oil sector for past 30 yrs.

Oil Speculation
Part II of the article ..

The Reason For Soaring Oil Prices - Pt II
By F. William Engdahl

As detailed in an earlier article, a conservative calculation is that at least 60% of today's $128 per barrel price of crude oil comes from unregulated futures speculation by hedge funds, banks and financial groups using the London ICE Futures and New York NYMEX futures exchanges and uncontrolled inter-bank or Over-The-Counter trading to avoid scrutiny. US margin rules of the government's Commodity Futures Trading Commission allow speculators to buy a crude oil futures contract on the Nymex, by having to pay only 6% of the value of the contract. At today's price of $128 per barrel, that means a futures trader only has to put up about $8 for every barrel. He borrows the other $120. This extreme "leverage" of 16 to 1 helps drive prices to wildly unrealistic levels and offset bank losses in sub-prime and other disasters at the expense of the overall population.

Goldman Sachs again in the middle

The oil price today, unlike twenty years ago, is determined behind closed doors in the trading rooms of giant financial institutions like Goldman Sachs, Morgan Stanley, JP Morgan Chase, Citigroup, Deutsche Bank or UBS. The key exchange in the game is the London ICE Futures Exchange (formerly the International Petroleum Exchange). ICE Futures is a wholly-owned subsidiary of the Atlanta Georgia International Commodities Exchange. ICE in Atlanta was founded in part by Goldman Sachs which also happens to run the world's most widely used commodity price index, the GSCI, which is over-weighted to oil prices.
read rest on this link
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Old 23rd May 2008, 21:38   #20
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Gas is at $3.76/gallon here in Houston.
Life's not at its best..
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Old 23rd May 2008, 22:14   #21
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In Toronto, Canada its about $1.30 a liter. So that's about Rs52 or so. And to think Canada is a net exporter of crude oil. A year ago IIRC it was about a dollar.
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Old 23rd May 2008, 22:15   #22
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Originally Posted by Nitin View Post
Gas is at $3.76/gallon here in Houston.
Life's not at its best..
Its $4.80/gallon of Diesel in this part of the oil-producing middle east. So you're getting off relatively easy...
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Old 23rd May 2008, 22:39   #23
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So what if Iran sells fuel at like ten rupees a liter, or if it doesnt!

You will still tank up at the nearest decent pump. Yeah, we're ALL suffering together! So what?

Last edited by Technocrat : 24th May 2008 at 11:32. Reason: No indirect Slangs, next time it would be an Infraction
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Old 27th May 2008, 05:19   #24
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$ 3.85 per Gallon in Minneapolis..
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Old 27th May 2008, 06:32   #25
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Don't believe that there is only 1% increase in demand, production may be but not demand. India itself generates over 20% increase in demand for fuel production over years(atleast last 4-5 years). I am sure China is standing on the top in terms of YOY increase in oil usage, must be around 25-30%. Then there are countries like Brazil, Thailand, Korea which also generate about 10-15% oil demand every year. Countries like US, UK, etc still have about 3-5% increase in oil demand YOY.

What more is the fact that oil is no longer easily avaiable, these petroleum companies have to start searching for new oil repositories to match production with the demand of the oil. The new repositories are not going to be available easily, there is a lot of money required to search for them and also construct platforms to extract them in the middle of the sea. With the prices of almost every commodities raising the cost of construction of platforms also go up along with the fact that the new upcomming platforms needs to be constructed in challenging environments and the change in weather pattern make transportation of the oil much more difficult.

I agree that quite a bit of oil prices today are due to speculation(companies trying to meet the speculated demand), which may add up to 10-20$ per barrel. The rest is still the real price we are paying for the current or near future demand.

And where are the Hybrids, our manufacturers seems to be the lazyest of the lot. When LPG was cheap all of them kept sleeping, and saying that adding an LPG kit to your car will void warrenty. Now they decided we probably are interested in an LPG car and slowly we have cars like WagonR Duo, Cedia, Indica, Omni etc. But at current prices you would only spend extra on the equipment as LPG provides no real savings. The same will happen with Hybrids too, the only respite for the manufacturers would be that there is no alternatives for petrol/diesel. But i guess the Public transport in our cities have started to become better and before we have a full fledged options on hybrd cars fuel will become unbearable and most people would see Public Transport as a superb option, for daily commute. After all this, they will say that we(Consumers) are not ready for the new alternative technologies.
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Old 27th May 2008, 06:44   #26
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California prices per gallon have gone over $4.00 per liter of normal unleaded fuel. Premium fuels are even more expensive and Diesel is about 85 cents over gasoline prices. People are worried. User car dealerships have started posting fuel economy details on a plate stuck to the windscreen on display cars. Toyota Prius Hybrid is selling well. Our CEO moved from a BMW 745 to a Lexus LS400 hybrid.
Yesterdays price for a barrel of oil has hit a record $135. In 1972 the price of crude oil was about $3.00 per barrel.
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Old 27th May 2008, 06:47   #27
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$3.99 as of right now in Philadelphia; I'm sure it's going to go up tomorrow by about 7-8 cents..For a student like me, it is becoming increasingly difficult to have a car especially considering that it doesn't give me more than 18-19 mpg within the city
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Old 27th May 2008, 15:21   #28
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Now even in developed countries people are protesting for fuel price hike

BBC NEWS | UK | Hauliers protesting at fuel cost
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Old 27th May 2008, 23:06   #29
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looking at the speed at which the crude oil price is climbing, not in the distant future will we in tbhp be talking about modding the bicycle that your dad gifted for your B'day and the tricycle that your aunt plans to purchase. How cool would that be

Seriously, the proposed 70 a litre for petrol sounds ridiculous
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Old 24th June 2010, 09:23   #30
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Digging this out, so what are prices currently worldwide. Would be good to see a comparision between 08 and 10.
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