Friday, August 17, 2012

Here we go again. Dire warnings from the papers predicting that within a month we'll have the highest petrol price ever. And like me, the AA say that soaring pump prices have got nothing to do with supply and demand and everything to do with speculators. Since June oil has gone from $90 to $114 even though in July China's imports of the stuff were at an historic nine-month low. So you tell me who's forcing up oil wholesale prices, because its definitely not Europe Asia or the US?

 

But you know the answer to that one. Its those pernicious commodity traders and fund managers again. And the government knows too, because this week they approached the International Energy Agency (IEA) to discuss releasing oil stocks to cool prices. When news of that meeting broke, Brent Crude fell by $1.51. Traders had been battling it up on news of threats from Israel to bomb Iranian nuclear facilities to the point where closing prices for future month oil contracts hit $116.9. This is a market (and one in which the price of virtually everything we do or buy is embedded) that's in the total control of a few thousand blokes in posh shoes and braces. Should we really be letting this happen? Should we be allowing these pariahs to deliberately push unleaded petrol to its highest price ever and the UK's economic recovery off a cliff?

 

When those front month future contracts closed at $116.9, one oil expert said it "the oil price appears to be nearing the maximum tolerable limit". Just consider the choice of that word 'tolerable'. This is a game to these people where they play with the market to see what 'tolerable' and what's not. To see how much inflationary mayhem and financial retraction they can cause. Like that line in King Lear - 'they kill us for their sport'.

 

Before the end of 2012 I want the Chancellor to agree to further hold back the planned 3p litre rise that he's set for January (if he doesn't he'll be holding a loaded Luger to his head and that of the economy), but also to put in place an Oil Inquiry, like Leveson, where the major players and protagonists in the oil commodity and futures markets are asked, under oath, to tell us all exactly how much their market intervention influences the price of oil. A full, transparent, canter through their arcane and complicated market. If they've nothing to hide, they've nothing to fear. Let's have full disclosure.

 

And I want the Treasury, The Bank of England and Number 10 to start behaving like they want to do something about oil speculation and the damage its doing to the UK economy. No more old boys stuff, no more whispering. A bold statement of intent that they're going to properly investigate the oil market for the first time in its entire history.

 

Let's start by putting on a little pressure shall we? 

 

Quentin Willson

PS We have not forgotten about the biggest slice of the pump price pie and that's Fuel Duty. We are fighting to stop the deferred rise now scheduled for January 2013. 



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[ posted by Lin, 17.08.12 19:37 ]

Supporting you all the way. This cannot go on!!!!!

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[ posted by John Shepherd, 17.08.12 20:45 ]

This continual threat of ever rising fuel costs has got to be brought to a halt. The "Old Chestnut" of Co2 & save the planet has long since been burned off!!.
This is more and more about lining the pockets of everyone of the power welding fat cats and screwing the motorist and everyone that depends on everyday products & produce reaching out homes and tables.
The persuasion to go diesel is now clearly the greatest rip-off; certainly in my lifetime of now 66yrs.
There is an urgent need for a united front on a Non Purchase of Fuel basis.
This is a blatant display of the worst side of "Rip of Britain", this is ripping the hands off the ones that are putting their hard earned wages/pensions & investments into the countries coffers.

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[ posted by Adrian Stapleton, 17.08.12 23:04 ]

Well i think personally its time we went to war with these suits that think they can rule what is after all a commodity that all the world should share evenly not just so some pencil pushing beurocrat can make a few shareholders richer ! AFTER ALL NO ONE AND I MEAN NO ONE CAN TAKE IT WITH THEM !!!!!!!!!!!! You come into this world with nothing an by willey you will leave with nothing so being greedy s a useless point to take with anything

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[ posted by Peter West-Hitchins, 18.08.12 07:46 ]

...I'm with you Quentin, I'm apensioner, I live in the country & we really are struggling. So, what do we do now? There is no doubt that action of some sort is needed. The UK, US and Asian governments should be able to exert pressure on these speculators; how do we exert pressure on these governments?

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[ posted by angela lamb, 18.08.12 18:00 ]

who are we kidding of course the greedy politions wont lower fuel duty they need the money to pay their mortgages and pay for their staff and their kids educations how will they be able to afford it on their stupidly high salaries they need to keep sucking this country dry so they can afford to live i feel really sorry for them (can you see the sarcasm dripping from every word) its the same reason why banker bosses give themselves high bonuses but dont get me on that rant these greedy people dont know what its like having to scrimp and save and live on just a few quid a week

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[ posted by C Strian, 20.08.12 10:56 ]

Speculators are, in effect, hoarding oil. They believe in future shortages and astronomical prices so are buying up today's contracts. In a way, by doing this, they are helping to save a little oil for use by the next generation.

We are now a one car family thanks to price of diesel. At least I can say that I'm fitter than I've ever been through cycling to work every day.

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[ posted by Jim King, 20.08.12 16:50 ]

To any politician or speculator reading this. Well just look up there

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[ posted by Linda Weeks, 20.08.12 19:49 ]

Well said Jim King!!!
People are getting near the end of their tether with petrol prices!!!

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[ posted by mick murphy, 21.08.12 11:27 ]

Jim King....It is not only the lives of millions of people being destroyed,the baffoons cannot see that they are destroying the "Economy" of this country as well ,or is it a sinister plot to actually do so,the "Illuminati" springs to mind

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[ posted by Jim King, 21.08.12 19:21 ]

Indeed Mick, Indeed

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[ posted by KEN, 21.08.12 21:02 ]

Pushing oil prices will destroy any chance of economic recovery, destroy forecourt business who will find their gallonage readings tumble as motorists cut back, decimate the already weak motor trade, strangle the high street as already squeezed families will find even less cash to spend because more and more goes on the fuel that gets them there. Put simply - it's a no-brainer. Fuel needs to come down sharply otherwise we ALL lose. Long term - even the speculators stand to lose. There is no cure for high prices like HIGH PRICES. Look what happened to the property market.

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[ posted by Tiger Tim, 22.08.12 18:10 ]

TAKE NOTE OSBORNE sort this out or it will finish you and your old boy cronies off , you wont get in again , you hide behind the economic recovery , b... s... we working men out here pay pay your wages, you are typical greedy lying tories , and I cant believe we got took in by you yet again , like my old dad used to say , you lie your way into power feather your own nest when the s... hits the fan you will be gone, tell CAMERON to be a man and sort it out .............

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[ posted by Jim King, 22.08.12 19:39 ]

Just a question Tiger Tim, that's all, and I do agree with your comment, but my question is "do you think any other party in government would be any better?" if so why. If you don't mind me asking.

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[ posted by Azzy Mozzer, 28.08.12 23:28 ]

I don't know if anyone reads the rolling coverage of the Eurozone crisis on the Guardian website, but aside from the usual stuff about Greece and Spain and impending doom, there was one piece of information on there which certainly made my eyes light up........

France has cut fuel duty by €0.06 per litre in a bid to ease the pain for hard-pressed motorists and help towards trying to stimulate their economy. It was one of François Hollande's pre-election policies which has, unlike countless Tory false dawns, has actually taken place. For those of you struggling to work out the exchange rate with your calculators, the cut is the equivalent of knocking around EIGHT PENCE off a litre of fuel. And just like ourselves, the French are in a recession and have a huge debt on their hands, plus they have the added bonus of being exposed to the great Brussels soap opera.

ARE YOU WATCHING GEORGE OSBORNE?

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[ posted by Dawsar, 30.08.12 14:31 ]

Our fuel in East Yorkshire has increased by 8p per litre over the last 6 weeks!!! How can that be good for anyone or anyone's business?? It's incredulous.

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[ posted by William Shepherd, 30.08.12 17:14 ]

Gone are the days you could just fill up and go for a run/day trip with the family.... which helped boost local communities.
Now with fuel prices so high no-one wants to drive just for fun. It's more out of necessity than pleasure these days.
As for any government whomever is in power, they do not think of their country folk except when they are looking for votes....And typical Tories "lets make the class divide wider" "the rich richer and the poor poorer".

*Greed greed greed* is all we see these days. (*That's the majority of politicians* remit these days)

As for the Fuel...
When have you ever seen a product produced for a certain amount then double taxed? (Vat, Fuel Duty) way more than 100% of the value of the product.

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