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Crude Oil drops below $127

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135

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    #62
    gixerfixer
    Closed Accounts Posts: 759 ✭✭✭gixerfixer


    Think it's fair to say that when the prices go up on the markets for oil we see an immedite rise at the pumps but when they go down on the market it takes an age to filter down in the forecourt and even then it's only a couple of cents a litre.Disgusting in all honesty:mad:


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    #63
    mobby
    Registered Users Posts: 1,159 ✭✭✭mobby


    Shell station on the N4 / Palmerstown Bye Pass has diesel at €1.37 this morning. :)


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    #64
    L1011
    Registered Users Posts: 68,911 ✭✭✭✭L1011


    That hasn't been a Shell station for a good 6 months, its a "Discount Fuel Deals". Which based on branding and what tankers fill it, may be Applegreen in disguise.


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    #65
    Omcd
    Closed Accounts Posts: 294 ✭✭Omcd


    Filled up at €126.9 p/l petrol (Spawell) yesterday - pump prices are definitely falling...


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    #66
    MCMLXXXIII
    Closed Accounts Posts: 412 ✭✭MCMLXXXIII


    kluivert wrote: »
    1c a litre - wow - big move!!

    Need to find out what price fuel was at the pumps when crude oil was this price a couple of months ago.

    Hopefully, the weather will stay good in Amercia and the Middle East will quiet fighting with each other, which should reduce the price further still or at least stabilise it.

    Fingers crossed that Russia drills some new oil wells and the Saudi's produce more barrels per day (am not in favour of this last point though).
    Okay, well...in January 2000 oil was $50/barrel. It is now ~$125 which is about 2.5 times as much as it was in 2000. The price at the pump is about 4 times as much as it was in 2000. There's a disconnect that hasn't been caused by temporary events such as a hurricane. The Saudis claim they are making enough fuel to meet demand and there's no reason to not believe them. No one is running out of fuel. Plus, companies are now adding the corn oil to make E85, and even to regular petrol (up to 15%) so it makes even a wider supply.

    I live in the US, and I remember "gas" going above $1 during the winter of 2000/2001. 9/11 spiked the prices, but then they went down...and then consistently up thereafter. If it is 2.5x more for a barrel now, shouldn't I be paying $2.50 per gallon? I held out because by me it's usually cheaper on Thursdays. I paid $3.89, and was upset because I saw it a mile down the road for $3.85. That's the cheapest I've seen though (most other places are around $3.95).

    I guess my point is, whether it's speculation, the weather, or unrest in the Middle East - there is no shortage of oil, the cost vs. price does not add up, and ExxonMobil's stock dropped 5 points the day they reported the dismal first quarter earnings of $17.5 Billion.


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    #67
    L1011
    Registered Users Posts: 68,911 ✭✭✭✭L1011


    Its nowhere near 4x in Europe - not our fault your currency has been decimated.

    Its not even 2x as expensive here. Fuel was about 75c equivalent or higher in 2000, now its 130ish.


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    #68
    Max_Damage
    Closed Accounts Posts: 5,461 ✭✭✭Max_Damage


    Omcd wrote: »
    Filled up at €126.9 p/l petrol (Spawell) yesterday - pump prices are definitely falling...

    Ah cock! I got petrol on Wednesday at the Tesco station at Dundrum for €1.31 a litre. I was done!


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    #69
    MCMLXXXIII
    Closed Accounts Posts: 412 ✭✭MCMLXXXIII


    MYOB wrote: »
    Its nowhere near 4x in Europe - not our fault your currency has been decimated.

    Its not even 2x as expensive here. Fuel was about 75c equivalent or higher in 2000, now its 130ish.
    The currency situation has actually helped the US economy...it makes it easier for them to export from here.

    ...I guess I never thought about prices back there...I figured since oil is traded using US currency, it would be all the same.

    Whoops

    There are a lot of Boardsies on here that live in the US though...
    I guess I just don't really know what to think anymore.


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    #70
    BigglesMcGee
    Closed Accounts Posts: 501 ✭✭✭BigglesMcGee


    http://www.motorcard.ie/prices_this_week.php

    Not the best price out there.

    Are there any other fuel cards that are better value?


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    #71
    JHMEG
    Closed Accounts Posts: 7,686 ✭✭✭JHMEG


    MYOB wrote: »
    Just got a price update for tomorrow there now - 127.50 petrol / 139.90 diesel.

    Saturday afternnoon and it still says 132.04c/144.89c on the website. I'd check with them before buying any fuel. The SMS message could easily be wrong.


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    #72
    MarkN
    Registered Users Posts: 4,197 ✭✭✭MarkN


    Spoke to an Esso employee last night, they buy 4 months in advance.. he said it'll go down and up and down again around Dec according to what they've bought.


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    #73
    L1011
    Registered Users Posts: 68,911 ✭✭✭✭L1011


    JHMEG wrote: »
    Saturday afternnoon and it still says 132.04c/144.89c on the website. I'd check with them before buying any fuel. The SMS message could easily be wrong.

    Doubt they're open on a weekend to check with though. SMS specifically said "Buy tomorrow! *Next week's prices: Petrol: 127.50 & Diesel: 139.90" and was sent at 10:56 yesterday. Slightly major and dodgy mistake to make if it was a mistake!


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    #74
    JHMEG
    Closed Accounts Posts: 7,686 ✭✭✭JHMEG


    MYOB wrote: »
    Doubt they're open on a weekend to check with though. SMS specifically said "Buy tomorrow! *Next week's prices: Petrol: 127.50 & Diesel: 139.90" and was sent at 10:56 yesterday. Slightly major and dodgy mistake to make if it was a mistake!
    Well the SMS and the website can't both be right, so it's a major c0ck up already.


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    #75
    BigglesMcGee
    Closed Accounts Posts: 501 ✭✭✭BigglesMcGee


    JHMEG wrote: »
    Well the SMS and the website can't both be right, so it's a major c0ck up already.


    And the dates on the website are current too.

    Anyone who has bought perol based on texts should check the history if you ask me. You may have been paying more than you thought all along.


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    #76
    [Deleted User]
    Posts: 3,621 ✭✭✭ [Deleted User]


    MarkN wrote: »
    Spoke to an Esso employee last night, they buy 4 months in advance.. he said it'll go down and up and down again around Dec according to what they've bought.

    I think its slightly more complicated than that. There is no way they bought 4 months worth of fuel at one price.


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    #77
    del1
    Closed Accounts Posts: 15 ✭del1


    Just filled up with Diesel in Urlingford, Co. Kilkenny and it is now down to
    133.9/ L for Diesel. That is a drop of 4 or 5 cent since last week. I hope it keeps falling


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    #78
    JHMEG
    Closed Accounts Posts: 7,686 ✭✭✭JHMEG


    MYOB wrote: »
    Just got a price update for tomorrow there now - 127.50 petrol / 139.90 diesel.
    They're still at it. Prices are the same but the dates have changed!?!? WTF

    Fuelcard Price to 07/08/08: 127.50c/139.90c

    This week's price only changed on the website on Monday, despite it saying the price applied Thursday to Thursday


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    #79
    BigglesMcGee
    Closed Accounts Posts: 501 ✭✭✭BigglesMcGee


    JHMEG wrote: »
    They're still at it. Prices are the same but the dates have changed!?!? WTF

    Fuelcard Price to 07/08/08: 127.50c/139.90c

    This week's price only changed on the website on Monday, despite it saying the price applied Thursday to Thursday


    I dont use the Benchmark card anymore. Im now convinced that they mess up the dates so you dont know what price you're paying.

    I wouldnt be happy if i paid for their premium text service at all.


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    #80
    tuxy
    Closed Accounts Posts: 14,983 ✭✭✭✭tuxy


    I paid 1.25.9 for petrol in cork city last night.(bishops town)
    7 cent a litre cheaper then it was at the same station 2 weeks ago.


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    #81
    L1011
    Registered Users Posts: 68,911 ✭✭✭✭L1011


    Benchmark text for the next week (whatever dates that actually is!) - 125.96 petrol 137.19 diesel.


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    #82
    BigglesMcGee
    Closed Accounts Posts: 501 ✭✭✭BigglesMcGee


    MYOB wrote: »
    Benchmark text for the next week (whatever dates that actually is!) - 125.96 petrol 137.19 diesel.

    How do you know what price you're REALLY paying for your petrol before you fill up? The text price or the website price. And havent they been chageing you for these texts - but they are not really any good to you because of their poor organization.


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    #83
    L1011
    Registered Users Posts: 68,911 ✭✭✭✭L1011


    I'm getting the texts free due to the group scheme I'm in.

    I also either use about a tank a week or three tanks in a day and would rarely fill up on the Saturdays that the texts claim the changeover is on at the moment. But I also keep the receipts and texts (I've every text I've received sine 2006 on my phone!) so might do a bit of geekery and work out that I've not been overcharged...


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    #84
    BigglesMcGee
    Closed Accounts Posts: 501 ✭✭✭BigglesMcGee


    MYOB wrote: »
    I'm getting the texts free due to the group scheme I'm in.

    I also either use about a tank a week or three tanks in a day and would rarely fill up on the Saturdays that the texts claim the changeover is on at the moment. But I also keep the receipts and texts (I've every text I've received sine 2006 on my phone!) so might do a bit of geekery and work out that I've not been overcharged...


    Let us know what you find. I've always just trusted the website. Sorry i did now, because something is amiss


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    #85
    MrPudding
    Registered Users Posts: 9,788 ✭✭✭MrPudding


    ronoc wrote: »
    I think its slightly more complicated than that. There is no way they bought 4 months worth of fuel at one price.
    I don't think he said they bought 4 months worth, only that they buy 4 months in advance. Presumably they are buying futures contracts on a rolling basis?

    MrP


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    #86
    Cionád
    Registered Users Posts: 2,000 ✭✭✭Cionád


    http://www.rte.ie/business/2008/0804/oil.html

    :)


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    #87
    rebel.ranter
    Registered Users Posts: 3,570 ✭✭✭rebel.ranter


    Would be nice to see it go below the $100, a psychological barrier.


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    #88
    vectra
    Registered Users Posts: 15,556 ✭✭✭✭vectra


    rebel.ranter wrote: »
    Would be nice to see it go below the $100, a psychological barrier.


    Got this from Examiner.ie just now :P
    US light crude was trading 20 cents lower at $124.90 in early afternoon trade yesterday, while London Brent crude rose 14 cents to $124.32.

    Some oil experts are predicting oil will fall to between $85 and $100 as the global economic slowdown improves and demand eases.

    Others argue that the pressure on supplies from fast growing economies like China and India will ensure the supply/demand balance will stay precarious, even if the West experiences a sharp easing in economic growth.

    Geopolitical uncertainties and demand underpinned by the emerging economies suggest the price of oil will stay above $100, experts say


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    #89
    kluivert
    Registered Users Posts: 2,399 ✭✭✭kluivert


    Wow under $100 a barrel. That would be nice. Back to normal fuel prices.

    If oil prices fall further it will help inflation and energy prices.

    If oil falls below $100 a barrel I wonder will the energy companies reduce their charges.


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    #90
    snaps
    Registered Users Posts: 7,138 ✭✭✭snaps


    well for the amount that the barrel of oil has dropped by its not been passed onto the consumer at the forecourts and in the home heating tanks? Thats my opinion anyhow? Wonder if anyone can say how much was a litre of fuel when the price of a barrel was 119$ as it was going up? Fuel here in Mayo hasnt dropped much at since the decline in the price of a barrel.


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    #91
    Cionád
    Registered Users Posts: 2,000 ✭✭✭Cionád


    snaps wrote: »
    Wonder if anyone can say how much was a litre of fuel when the price of a barrel was 119$ as it was going up?

    That was early May, so dig out your receipts :)

    I have a receipt dated 4th May where diesel was 119.9/litre in local Esso station. It's 138.9 in said station today.


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