Tuesday, December 6, 2011
Don't expect to see pump prices coming down any time soon and don't blame the oil companies. Speculators are back buying oil, crude is up and its all to do with Iran. Opportunistic traders know that if there's any conflict round the Persian Gulf then one of the world's most significant oil shipping lanes could get blocked. The Straight of Hormuz is a choke point and carries 15.5 million barrels of oil a day on 13 massive tankers adding up to nearly 40% of the world's oil. If the Iranians want to destabilise the global economy all they have to do is turn this relatively narrow maritime channel into a shooting match and the world's supply of black stuff slows down dramatically. With sinister foresight the traders in red braces are betting on some future fisticuffs with Iran. Sad but true.

And there's nothing the oil majors can do. If the spot price of oil goes up they can't fight against market forces. And don't forget the oil companies pay in dollars which, at the moment, is a stronger currency than sterling, which means UK forecourt prices are inevitably going to rise. Just as well the that all our recent shouting forced the Chancellor to scrap the 3p rise in January. Without that blessed relief, 2012 would indeed have kicked off with one of the cruellest months of all.

Quentin Willson  



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[ posted by Nigel White, 06.12.11 15:54 ]

Shame we can't take it out of the hands of these crooks! It's them that put us in to our financial problems in the first place!

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[ posted by roger armstrong, 07.12.11 10:29 ]

I'm sorry but this just sounds like placating doublethink, "well we tried, but it's actually not the governments fault so it's ok now".

Perhaps we should be targeting the speculators in some way, perhaps looking at their other interests and boycotting them if possible.

We should most certainly be looking at some escalation of protest, perhaps a boycotting of BP filling stations on a specific day or blockades, protest marches.

At the end of the day the speculators and the government are in this together and unless we step up and show how serious we are about this matter, we might just as well not bother.

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[ posted by IRENE TOOMBS, 08.12.11 09:25 ]

if trouble with rising oil price is ongoing then all the more reason for our government to come to its sences and knock off some fuel duty before we are at a standstill with no food in the shops because hauliers cannot afford to deliver any commodities

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[ posted by john mayberry, 08.12.11 14:26 ]

we dont expect to see pump prices coming down at anytime ,in fact if oil was 50 dollars a barrel we'd still be paying high prices at the pumps quentin so who you trying to depress ? we are already depressed. like I said all this talk is a waste of time blockades blockades blockades talks cheap

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