[AWSAWS]

That's what they are saying. Can you believe it?

It always feels like pertrol prices slowly creep up but barely fall back.

£1.07 for Vpower etc would be nice.

http://www.thisismoney.co.uk/money/m...h-turmoil.html

http://www.nasdaq.com/markets/crude-oil.aspx

[RajB]

Drove past the local BP and was surprised to see it at just over a pound per litre. Would be good if it does drop further.

I remember when it was at current LPG prices lol.

[Kerr]

You need to be doing big miles or have a V8 for it to make a significant difference to your finances.

They say the average person does 10,000 miles per year.

At 30mpg you'll save £8.60 per week. At 50mpg you'll save £5.20 per week.

The savings won't make you a millionaire.

It is good to save a bit, but people have been getting carried away and thought the savings were much bigger than they are.

[djgandy]

It's make a decent difference to me. My fill up is now £60 rather than £80 and saves me around £60 a month. The problem is that the cost of oil isn't the biggest cost in the price so the UK is somewhat softened to oil price reductions vs the US where their price goes from $4 to $1.80 with these drops.

Meanwhile the Government whinge, divert and warn "big oil" about not cutting for consumers and still take their 75% cut of every penny I spend. Imagine if I just paid the oil company. Would be filling up for £15!

[old grey steve]

Music to a 335i owner

[gibbon7000]

It makes a big difference to me too, especially with running 2 cars in our household, each using a full tank a week. I defiantly won't be complaining.

[E92Dan]

Every fill up with 5p off per litre will buy me a pint down the pub

[JJ0063]

It is 99.9 ppl in SE London today.

Certainly makes a difference to me, £62 to brim the 320D yesterday, was £77 in the past. I go through over a tank a week. That's a bill each month covered in just the fuel saving. Happy with that!

[Wibbles]

Originally Posted by djgandy

Meanwhile the Government whinge, divert and warn "big oil" about not cutting for consumers and still take their 75% cut of every penny I spend. Imagine if I just paid the oil company. Would be filling up for £15!

^^^This... robbing bastard gubmint.

[MrPogle]

Originally Posted by E92Dan

Every fill up with 5p off per litre will buy me a pint down the pub

Get a Santander credit card and you get 3-4p off every litre all the time.

[old grey steve]

The only thing I forgot to say is that for all of us saving money on fuel, they'll be some others that'll be suffering, namely those who rely on the fuel industry in Scotland for their living, the joy for us could be painful for those in that industry.

[Soul_Glo]

Man I can't wait for those v power prices to drop!!!

[AWBimmer]

F**k the Petrol! V power Diesel babbbbbbbyyyy LOL!

[RajB]

Originally Posted by Kerr

You need to be doing big miles or have a V8 for it to make a significant difference to your finances.

They say the average person does 10,000 miles per year.

At 30mpg you'll save £8.60 per week. At 50mpg you'll save £5.20 per week.

The savings won't make you a millionaire.

It is good to save a bit, but people have been getting carried away and thought the savings were much bigger than they are.

Yes it won't make you a millionaire but at 8.60 a week thats approx. £447 for the year which is you car insurance or road tax so it does make a good deal of difference in that sense.

Also my other car (well given to my wife) is an E53 4.8is V8

[Sparky68]

500 miles a week i bloody love it

[Kerr]

Originally Posted by old grey steve

The only thing I forgot to say is that for all of us saving money on fuel, they'll be some others that'll be suffering, namely those who rely on the fuel industry in Scotland for their living, the joy for us could be painful for those in that industry.

It's not the doom and gloom people want to tell you it is.

The price reduction is only temporary as people play with politics of other countries.

Very few people can afford to produce oil at he current price. However neither can they afford to stop producing from rigs as that is very expensive.

[AWSAWS]

Originally Posted by Kerr

It's not the doom and gloom people want to tell you it is.

The price reduction is only temporary as people play with politics of other countries.

Very few people can afford to produce oil at he current price. However neither can they afford to stop producing from rigs as that is very expensive.

Yes the Russian's look to have screwed themselves by diving into Ukraine, thus having sanctions imposed upon them and scaring markets, allegedly.

They are pumping as much oil as they can to avoid defaults and to give people money to buy imported food. People are ditching the Rubel in panic causing it to crash. The more they pump oil and the more they over supply, the more it acts to bring down the price, but they need the money.

Value of the Rubel (crashed 52% in 6 months)




Anyway on a lighter note I love saving every single £ I can on fuel I turn to smoke. Makes a heavy foot all the less painful.

[gangzoom]

Originally Posted by Kerr

It's not the doom and gloom people want to tell you it is.

The price reduction is only temporary as people play with politics of other countries.

Very few people can afford to produce oil at he current price. However neither can they afford to stop producing from rigs as that is very expensive.

But OPEC can afford to produce oil at a loss much longer than any other oil producers....As you say, it's all a power/political game, but at least for now, the consumers are benefiting.

No doubt the government will restart the fuel duty escalator soon, and than when oil prices stabilise we'll all be in for a massive price jump

[MERLIN335i]

Originally Posted by RajB

Drove past the local BP and was surprised to see it at just over a pound per litre. Would be good if it does drop further.

Just paid £1.30 per litre for Super Unleaded at my local BP

Didn't think Milton Keynes was that far from civilisation, but obviously the lower prices haven't got here yet !

[Sparky68]

Should of gone to the one at Kingston mate, normal unleaded is £1.06 so Ultimate would be about £1.15 ?

[MERLIN335i]

So the prices have got here then, just the my local one then, being half a mile from home and I pass it taking the other half to work it is easiest, will keep my eye on my one and see if it goes down, if not will go the Kingston.

Thanks Mark .

[djgandy]

Originally Posted by gangzoom

But OPEC can afford to produce oil at a loss much longer than any other oil producers....As you say, it's all a power/political game, but at least for now, the consumers are benefiting.

No doubt the government will restart the fuel duty escalator soon, and than when oil prices stabilise we'll all be in for a massive price jump

The Saudis are driving a lot of this. They can get it out of the ground at silly costs like $2/bbl. But of course they use the money from oil to invest in their country so their break even to balance their books is probably $70. Venezuela is f**ked though, glad I don't live there.

The Russians will see this through, they have low amounts of debt and they seem well rallied behind Putin for now. Ironically and short sightedly as most political acts by the west are, this will probably damage more of the West than the rest. We have the highest costs to drill and a lot of industry around how to discover and extract that oil efficiently, along with manufacturing of equipment. Lots of US drilling has already shut down, leading to job losses and one company has already gone bankrupt. If this escalates further Obama will probably just bail the industry out to another $50B on the national debt

It also then hurts research and development into alternative fuels because they become too costly relative to oil to keep funding / buying. Solar's worst enemy is low energy prices.