# Are Oil Prices Set To Come Down?



## MBoyle (1 Oct 2008)

Does anyone know if oil prices are due to come down in the next few days? I've been told they might.... Anyone else hear any rumblings?


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## jhegarty (1 Oct 2008)

Do you mean crude , home heating or petrol ?


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## johnwilliams (5 Oct 2008)

with this current situation in the us .the price is coming down but as soon as this bailout starts to work and the us economy starts to look up .there are guys waiting on the sideline to push the price back up. as it was with the first vote ,had it passed. oil prices  would have shot back up .


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## QED (7 Oct 2008)

I was looking on the Commission for Energy Regulation Website and one of the stated missions was to ensure that 'the prices charged are fair and reasonable'.

After hearing that the price of a barrel of crude is approx what it was this time last year, I had a look at comparing the movement in cost with the average sales price of unleaded Petrol.

Price per Barrel
Last October: $85.00 X 1.41 = €60.28
Current (approx) $90.00 X 1.36 = €66.18

This is an increase of $5.00, €5.89. *9.8%* increase in Euro price per Barrel. 

Price per Litre of Unleaded
Last October: 106.70
Current (approx) 125.00

This is an increase of 18.30 , *17.2%* 


I would like the Energy Regulator of Competition Authority (although I don't know if they have any real power) to investigate reasons why us consumers seem to be paying much more than we were.

Perhaps it might be different if the same company didn't own 40% of the market . . . . . although they do say Hello, Please and Thank You !!


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## ubiquitous (7 Oct 2008)

QED said:


> After hearing that the price of a barrel of crude is approx what it was this time last year, I had a look at comparing the movement in cost with the average sales price of unleaded Petrol.



In fairness that comparison is ludicrous. This time last year, prices of wholesale crude were rising sharply. Now they are falling sharply. The prices that retail providers are paying for wholesale fuel in Oct 2008 are on a different planet to what was being paid in Oct 2007.


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## QED (7 Oct 2008)

So if we give it a month or two the current lower prices will have filtered through to the consumer?   .  .  . I'd be very surprised.


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## ubiquitous (7 Oct 2008)

QED said:


> So if we give it a month or two the current lower prices will have filtered through to the consumer?   .  .  . I'd be very surprised.



Well at least that possibility is more plausible than meaningless comparisons that only confuse the issue.

The fact remains that large numbers of filling stations are continuing to close down on an ongoing basis. If there was a bonanza to be made, this would not happen.


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