The price of New York crude fell below $80 a barrel today

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shnaek

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The price of New York crude fell below $80 a barrel today, so where now for our energy regulator - sanctioning 20% and 30% rises in gas and ESB prices? Resignation perhaps?

I notice the petrol stations aren't in a rush to pass on these price decreases either. What a surprise!
 
Wow- has it really ?
I never thought it would fall below $100
I suppose a lot of things have happened in the last month that I never expectected to happen.
 
Pity the pumps don't reflect it. In fact the price has only dropped 4c a litre at my local garage since late August (including 2c last night)
 
How on earth could pumps be expected to drop their prices in tandem with movements in crude prices when they paid much higher prices for the stock they purchased 2-4-6 weeks ago? :confused:
 
They are a hell of a lot faster to put it up! Generally it always jumped up within a week of any jump in the price of a barrel.
 
How come then that filling stations are continuing to close at an alarming rate up and down the country?
 
MichaelDes said:
The internet new wires are fill of conspiracy theorms etc on oil hitting $50..
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Well $60 was always seen as the fair value , (anything over here been speculation) so $50 seems very sensible given the current economic climate..
 
ubiquitous said:
How on earth could pumps be expected to drop their prices in tandem with movements in crude prices when they paid much higher prices for the stock they purchased 2-4-6 weeks ago? :confused:
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Oil has been hovering around $100 a barrel for 4 weeks now-but we haven't seen these decreases at the pumps. What annoys me more though, is the increase in Gas and ESB which our 'regulator' sanctioned. Petrol stations are a business after all, and will charge what they can get away with. The 'regulator' is supposed to be impartial, and also supposed to have some reasonable level of IQ.
 
shnaek said:
Oil has been hovering around $100 a barrel for 4 weeks now-but we haven't seen these decreases at the pumps.
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You're 100% correct - we should soon be seeing the effect of those decreases at the the pumps - otherwise we can take it that there is something badly wrong in the motor fuel market.

That said, my comment above wasn't in relation to this, it was merely a reply to the OP's point that last Friday's drop to €80 won't be passed on to consumers any time soon.
 
shnaek said:
Oil has been hovering around $100 a barrel for 4 weeks now-but we haven't seen these decreases at the pumps. What annoys me more though, is the increase in Gas and ESB which our 'regulator' sanctioned. Petrol stations are a business after all, and will charge what they can get away with. The 'regulator' is supposed to be impartial, and also supposed to have some reasonable level of IQ.
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In reality the regulator and indeed oil traders, oil producers/OPEC, airlines etc don't have crystal balls, so they ALL got it wrong - did you predict a global recession? Every thing is inter-related, there are too many variables to predict oil price movement. Even on this site people were predicting a €200, not €80 and dropping.

I 'think' that the ESB increase had a provision that it could be reversed if necessary within a few months - can anyone confirm?

[broken link removed]
 
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