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Old 10th January 2016, 15:49   #5191
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Originally Posted by khoj View Post
No need to go to those extremes. Saudi Arabia has oil left for another 6 decades and then it will be the turn of Venezuela that has enough to go around for the next 100+ years. All others can keep their barrels where they are, thank you very much.
Why are we forgetting the Russians, they are I think next to Saudi in reserves. What we are assuming is that no reserves will be discovered, which is not the case.

Also, as electrics (Tesla, and who knows Faraday, who have already announced a 1000bhp beast), and hybrids come in consumption will drop. Who knows we may run out of Lithium (for batteries) before crude!!
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Old 10th January 2016, 16:52   #5192
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If crude is where the government has incurred significant gains, it MUST be passed on to the public, because the same public was subjected to suffer when crude shot up.
As somebody who will always believe in a petrol vehicle over diesel, the current prices do worry me a bit sometimes, especially considering crude prices are bottoming out. However, diesel consumption is at least 3 times the petrol consumption, and we must note that diesel subsidies have been passed on for a prolonged time. Our fuel providers have been running losses since a while now, so in the general long term interest of the industry, I wouldn't go so far as to say that it must be passed on. Yes, crude prices have been relatively low for a while now with recent weeks being lowest, but from a trends perspective it is important for them to minimize their losses too.

So while we pay a premium on our fuels and as much as I wish for them to come down (especially since I do upwards of 12K kms each year on my petrol cars), I guess it's a long-term plan that will see the diesel-petrol price gap reduce and more rationalization brought in over time. We can expect petrol to hold steady and maybe drop a couple of bucks in the coming months
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Old 11th January 2016, 01:58   #5193
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Amongst the top 10 the Russians are a lowly 8th beaten in increasing order by UAE, Kuwait, Iraq, Iran, Canada, Saudi Arabia & at the top Venezuela.

Libya at 9 & Nigeria at 10 bring up the rear guard.

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Why are we forgetting the Russians, they are I think next to Saudi in reserves.
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Old 13th January 2016, 12:11   #5194
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Oil Slides below $30!!!

http://economictimes.indiatimes.com/...w/50557384.cms
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Old 13th January 2016, 14:34   #5195
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Don't worry. This government will not bring down the prices. Some or the other excuse will be given. Like the previous government who everyone ranted against.
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Old 13th January 2016, 14:48   #5196
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Don't worry. This government will not bring down the prices. Some or the other excuse will be given. Like the previous government who everyone ranted against.
I feel they will pass on a small piece to the customers and the remaining will be a excise duty hike. Not many people would complain then.
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Old 13th January 2016, 15:16   #5197
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Default Re: The Official Fuel Prices Thread

I met an exploration engineer with ONGC on a flight. He was on his way to Bombay High.

The low crude price has made the oil companies go very slow on exploration. He worked barely 80 days last year. He was quite sad about how badly his carrier is being impacted because of this.
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Old 13th January 2016, 15:45   #5198
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Default Re: The Official Fuel Prices Thread

Hello guys,

Just wondering, why petrol is cheaper than diesel in the US ?

Diesel : 2.177$/gallon (that is, 38.44INR/litre)
Petrol : 1.996$/gallon (that is, 35.24INR/litre)
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Old 13th January 2016, 15:58   #5199
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@vpillai; the same is true for UK, Germany, Switzerland. The reasons can be two: i. Diesel is more expensive to produce (esp the low pollution versions) and ii. Diesel has a higher calorific value.
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Old 13th January 2016, 16:46   #5200
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Originally Posted by bblost View Post
The low crude price has made the oil companies go very slow on exploration. He worked barely 80 days last year. He was quite sad about how badly his carrier is being impacted because of this.
Tell me about this. I am in the oil and gas industry and every passing day of crude oil price falling is seriously impacting the day to day production. Now the screws are being tightened on the G&A spending. Trainings are not heard of for the past 6 months. The last good days were in August last year when we had a team building exercise with curtailed expenditure.

My co is being taken over by another oil and gas major and the new co has already announced head count slashes. Difficult times man, while people are happy with low petrol and diesel prices, there are some who are staring a bleak future.

A good article to read.

http://www.vox.com/2016/1/12/1075575...prices-falling

Last edited by ghodlur : 13th January 2016 at 16:48.
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Old 13th January 2016, 16:57   #5201
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while people are happy with low petrol and diesel prices
You mean "while government is happy with low petrol and diesel prices".

Because as far as people are concerned, it makes no difference whether oil is 10$ a barrel or 100$ a barrel, we still pay the same price at the pump.
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Old 13th January 2016, 17:07   #5202
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Originally Posted by sgiitk View Post
@vpillai; the same is true for UK, Germany, Switzerland. The reasons can be two: i. Diesel is more expensive to produce (esp the low pollution versions) and ii. Diesel has a higher calorific value.

Correct me if I'm wrong, but the production of low pollution versions of diesel can be more expensive than normal diesel. There's no way production of diesel can cost more than petrol, because petrol needs way more refining than any kind of diesel. In the US, diesel has higher taxes and I'm assuming the same is the case in other countries where diesel is more expensive.
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Old 13th January 2016, 17:21   #5203
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Default Re: The Official Fuel Prices Thread

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Originally Posted by vpillai View Post
Hello guys,

Just wondering, why petrol is cheaper than diesel in the US ?
The original reason.

http://www.businessinsider.in/The-Su...w/25271563.cms
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Old 13th January 2016, 19:06   #5204
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Default Re: The Official Fuel Prices Thread

20 years our school text books taught us that the oil reserves would last only 20 years or so. I wonder where the oil comes from. As a resource gets rarer price for same suppose to go up on the contrary oil which was supposed to be a limited natural resource sees the price coming down. I guess the challenge now is not the quantity of oil available rather the effects of the oil consumption like global warming. If all the oil available in the world were to be burned ie by combustion engines etc the effects on the environment will be catastrophic.
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Old 13th January 2016, 23:03   #5205
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Default Re: The Official Fuel Prices Thread

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Originally Posted by vpillai View Post
Hello guys,

Just wondering, why petrol is cheaper than diesel in the US ?

Diesel : 2.177$/gallon (that is, 38.44INR/litre)
Petrol : 1.996$/gallon (that is, 35.24INR/litre)
AFAIK producing a liter of euro 5 and above diesel requires more crude than the same for petrol.

Separately, this is interesting:

http://www.bloomberg.com/news/articl...ow-40-a-barrel
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