price of crude oil ZERO!!!!

Got something to say, but it's not classic related? Here's the place to discuss. Also includes the once ever-so-popular word association thread... (although we've had to start from scratch with it - sorry!)
Post Reply
Message
Author
User avatar
Mitsuru
Posts: 2300
Joined: Thu Jan 06, 2011 1:42 am
Location: County Durham

price of crude oil ZERO!!!!

#1 Post by Mitsuru » Mon Apr 20, 2020 9:51 pm

Anybody got an idea on what's going to happen with oil being in negitive pricing!?!

I've notice the price of unleaded has more or less stayed at £1 a litre. Will this go down as well?
I'm Diabetic,& disabled BUT!! NOT DEAD YET!!

User avatar
gazza82
Posts: 413
Joined: Tue Nov 17, 2015 7:38 pm
Location: Buckinghamshire
Contact:

Re: price of crude oil ZERO!!!!

#2 Post by gazza82 » Mon Apr 20, 2020 10:21 pm

Oil producers have reduced output to keep barrel price higher ... but the demand has dropped further since. So I'd expect another reduction if they can all agree and a few countries don't like that .. Russia, Mexico and US for example.

US don't appear to want to follow suit so carried on producing and now they have a surplus so some companies are paying the refineries to take it ... so price is actually negative ... :shock:
"If you're driving on the edge ... you're leaving too much room!"

Retirement Project: '59 Austin A35 2-door with 1330cc Midget engine and many upgrades
Said goodbye: got '98 Alfa Romeo 156 2.0 TSpark to 210K miles before tin worm struck

GHT
Posts: 1523
Joined: Mon Jan 26, 2015 3:09 pm

Re: price of crude oil ZERO!!!!

#3 Post by GHT » Tue Apr 21, 2020 3:44 am

Sub-zero actually. The full story is in The Financial Times: https://www.ft.com/content/a5292644-958 ... e55d766654
This is just a speculative guess, I wouldn't expect prices at the pump to fall dramatically lower. Oil companies have lost their commercial customers, the only way to keep any capital flowing into their coffers is by leaving domestic prices relatively high. That's high compared to wholesale prices. The biggest winners are those in transport, that's one of the vital industries still working, fuel accounts for a high percentage of their costs.

Dick
Posts: 1280
Joined: Wed Sep 11, 2019 7:31 pm

Re: price of crude oil ZERO!!!!

#4 Post by Dick » Tue Apr 21, 2020 6:59 pm

Don't panic.. Government will have a massive bill to pay soon and they will be screwing as much out of public as possible....

User avatar
JPB
Posts: 10319
Joined: Fri Jan 07, 2011 3:24 pm

Re: price of crude oil ZERO!!!!

#5 Post by JPB » Tue Apr 21, 2020 10:46 pm

Hmm, LPG has held its price, as has van food (SVO), which costs me 43ppl from Booker Foods or Costco. Why wouldn't LPG have been made cheaper? Is it drained from the stomachs of dead cattle or was that a lie, told to me by a local farmer when I asked him what he does with his carcasses during the lockdown.
:shock:
J
"Home is where you park it", so the saying goes. That may yet come true.. :oops:

Dick
Posts: 1280
Joined: Wed Sep 11, 2019 7:31 pm

Re: price of crude oil ZERO!!!!

#6 Post by Dick » Wed Apr 22, 2020 4:54 pm

How much tax is on lpg?

User avatar
Mitsuru
Posts: 2300
Joined: Thu Jan 06, 2011 1:42 am
Location: County Durham

Re: price of crude oil ZERO!!!!

#7 Post by Mitsuru » Thu Apr 23, 2020 5:59 pm

Type of fuel Rate
Petrol, diesel, biodiesel and bioethanol....................................57.95 pence per litre
Liquefied petroleum gas (LPG)...............................................31.61 pence per kg
Natural gas used as fuel in vehicles, for example biogas ................24.70 pence per kg
‘Fuel oil’ burned in a furnace or used for heating ....................10.70 pence per litre
I'm Diabetic,& disabled BUT!! NOT DEAD YET!!

Post Reply

Who is online

Users browsing this forum: No registered users and 20 guests