Friday, December 30, 2011
I dearly hope the Iranians haven't been reading my blogs. Because a while back on this very site I warned that if Iran decided to block the Straight of Hormuz in the Persian Gulf, they'd throw the world's oil markets into turmoil. We'll, guess what? That's exactly what Iran has threatened to do, and this week the US has dispatched their navy to make sure this vital energy channel stays clear. 15.5 million barrels of oil go through Hormuz every day and that's nearly a third of all the oil consumed on the planet. 

A grim prediction that I hope wouldn't come true. But it has. And because of all this international sabre rattling, the oil speculators are bound to start buying up crude futures in the hope of some opportunistic profit from potential future shortages. All this shows just how vulnerable the oil market is to the ebbs and flows of geopolitical upsets and we poor baffled consumers sit at the end of this massive multi-billion dollar food chain getting royally shafted. 

And here's another sobering snippet of news. In 2011 there was a global banking group that actually had more oil sailing around oceans in tankers than BP. 

That shows just what an important trading commodity oil has become and how many of the world's financial institutions will come to rely upon crude as part of their balance sheets. So don't talk to me about any more government fuel duty rises. 2012 is going to see oil climb in price again and the last thing we need is more self-inflicted pain. 

Our pump prices need to stay low and FairFuelUK will make sure they do.

Please donate to help the fight for lower fuel prices and a better deal for drivers

Share this Post:    


[ posted by Neil Ellerton, 30.12.11 14:01 ]

......What did we shot of most of our navy.....nice move !!


[ posted by David Britten, 30.12.11 15:11 ]

The only answer is an alternative fuel source. Surely there must be something oil companies have been unable to bury?


[ posted by maggie gardiner, 30.12.11 18:00 ]

This is nothing new. There's always been a threat.
I was in Abu Dhabi in the 80s when Iran/Iraq war was on


[ posted by Michael Hudston, 30.12.11 20:47 ]

I was born in 1970, and in every decade since then there has been a crisis of some sort that drives ip oil prices.

This would not be much on an issue, if the TAX on our fuel at the pumps, was not so high.

If the tax was more reasonable, then the economy and the consumer, would be in a better place to withstand this shorterm profit taking by the speculators


[ posted by roger armstrong, 31.12.11 10:49 ]

What is this? the doublethink telling us fuel prices will go up no matter what we do. I'm beginning to think this campaign is a sham.


[ posted by Tim, 10.01.12 09:26 ]

It is time to change the way we operate. Tata in India are producing a car that runs off compressed air, achieves 60 miles an hour, costs less than £10K. It costs £2 to fill every 300 miles. We need more options likes this.


[ posted by mick, 10.01.12 09:36 ]

Why is more not being done with vegetable oil? My diesel 4x4 runs very well indeed on it and is a much more environmentally friendly fuel than diesel. Sadly though it seems big business to collect waste cooking oil now leaving small consumers like me with no supply. My car ran for 2 years on 100% waste cooking oil with no problems whatsoever before my supplies dried up.


[ posted by Paul Lisi, 11.01.12 03:05 ]

Oil pump prices need to stay low and fairfueluk will make sure they do?. Did I miss something. The only way this will happen is when the people of England stand together and say enough. Now how likely is that.


[ posted by Patricia Ambler, 24.01.12 13:00 ]

I was most surprised this week when I saw a difference of,10p in Diesel and unleaded petrol where I live in Lincolnshire, I am getting a diesel motor for the first time next week and am now wondering if I have the right thing, mine is through Motability and I,m also a retired pensioner who can ill afford this high petrol prices that keep hitting us up here in this county.


[ posted by Alistair Yule, 24.01.12 20:07 ]

On top of the Iranian situation , we now have a refinery in Essex going bust , I hope this doesn"t lead to a price increase for the whole UK because London and the south east are short of fuel ,the any excuse for an increase scenario , and Scotland suffers for London again.


[ posted by Jack Gorbutt, 22.02.12 19:35 ]

I am on a pension and because of where I live a car is very important like a lot more people I know.Unfortunately I am not able to come to London because of my age. You have my support full 100%. It is common sense as an increase would affect every one and the cost of living would go sky high.We put the MP's in power to run the country and make sure we all have a decent life style. please don't forget the mass of of us all who are on low incomes,unless you want to kill us off.Don't make excuses Regards Jack Gorbutt


your name*

email address*

Add your own comments below this post. They are very welcome*
You may use these HTML tags:<p> <u> <i> <b> <strong> <del> <code> <hr> <em> <ul> <li> <ol> <span> <div>

verification code*