Record fuel prices

[charles_wif_xf]

Just went to lunch at 12:30 and poured premium at 139.9. Came back at 1:30 and the price went up to 146.9 for regular ULP!!! This is at the Caltex on Bell St and Chifley Drv Preston, for those of you in Melbourne.

[DivHunter]

crap should have filled up yesterday

[Mechan1k]

damn ... when I was down there the other week I filled up at 43.9c/L
It was great ... much cheaper than Sydney

[brenx]

Don't know how they can justify that but as per usual we can't do SFA about it. I've had the same happen. $1.20 @ 1pm & $1.35 @ 3pm.

Best not use that servo to fill up. I've sopped using all the main 4 servo's. The XB requires 98ron so can't avoid them there. My other two cars use fuel from independant servos.

[charles_wif_xf]

Schisse, forgot to mention that premium went up to 155.9 cpl. That'd make Optimax 98 and 100 around 158.9 cpl. Oh my fookin Buddha!!!!!!

[Deadman]

Filled up yesterday at $1.17 with a voucher... I'm just glad this week is a light week and I'll make it to early next week on 1 tank so I can get it again on Tuesday when it's cheap. But I can see myself re-filling on Thurs/Fri next week, not looking forward to that :(

[AlbertM]

Been sitting on 142.9 ULP for 3 weeks now here in Cowra.

[parawolf]

Until there is a civil uprising in the form of blowing up petrol stations, expect costs to keep going up...

[TUF514]

Originally Posted by parawolf

Until there is a civil uprising in the form of blowing up petrol stations, expect costs to keep going up...

riiiiight, destroy petrol stations and the price will go down???

i think it would have an adverse effect.....

5 cpl in venuez.....? damn id consider moving there...... buy me a 440 6 pack charger.

[charles_wif_xf]

Something really smelly and fishy is happening with oil prices, I just can't put my finger on it. Reason being there are reports that the US is sitting on high density oil shale holding 2 trillion barrels of oil, Canada has some many billions of barrels (as oil shale as well), the Russians have massive amounts of oil (in crude form) as well and the Iraqi refineries are controlled by the US led invasion forces.

Something just don't add up!!!

[chevypower]

meanwhile it's comforting to know that the price of petrol has been frozen in Venezuela at 5c per litre

http://www.drive.com.au/Editorial/Ar...ID=11582&vf=12

would be about $3 to fill a Falcon

but then better off than Turkey where it would be $180

[Iphido]

The government wanted to reduce the subsidies for petrol there by a few cents and they nearly burnt the whole place down!!

Of course you would want something bullet proof if you moved there..

[kempster1]

$1.69 here today for ULP, and on the front page of our local paper today the federal goverment is taking away a remote area fuel subsidy and the result of this is a further 3 cent rise.

Not happy :(

[blutura]

Originally Posted by kempster1

$1.69 here today for ULP, and on the front page of our local paper today the federal goverment is taking away a remote area fuel subsidy and the result of this is a further 3 cent rise.

Not happy :(

Originally Posted by charles_wif_xf

That's just plain crap. That friggin monkey Howard is going too far.

before you climb up onto your high horse, consider the facts.

1. the subsidy varies between 1 and 3 cents a litre, depending on how remote an area you are in.

2. the money raised from scrapping the subsidy is going to be put into improving the roads, which will actually save you money in the long term, as better quality roads means your tyres, suspension etc will last longer, and there will also be less accidents, (we're always hearing how poor roads contribute to accidents) and less accidents means lower insurance premiums.

3. worse case scenario: you live in an area that gets the full 3 cent subsidy and you use a full tank of fuel a week (68L in a Falcon sedan)

a rise of 3 cents a litre means it will cost you an extra $2.04 a week to fill up, which is less than the cost of funeral insurance.

I doubt you will even notice the difference.

[charles_wif_xf]

Originally Posted by blutura

before you climb up onto your high horse, consider the facts.

1. the subsidy varies between 1 and 3 cents a litre, depending on how remote an area you are in.

2. the money raised from scrapping the subsidy is going to be put into improving the roads, which will actually save you money in the long term, as better quality roads means your tyres, suspension etc will last longer, and there will also be less accidents, (we're always hearing how poor roads contribute to accidents) and less accidents means lower insurance premiums.

3. worse case scenario: you live in an area that gets the full 3 cent subsidy and you use a full tank of fuel a week (68L in a Falcon sedan)

a rise of 3 cents a litre means it will cost you an extra $2.04 a week to fill up, which is less than the cost of funeral insurance.

I doubt you will even notice the difference.

Do you seriously think that the 3 cpl subsidy they took away will go into rebuilding and improving the roads where the subisdies were?

Me thinks at best it will go into general revenue, at worst, I don't even want to consider. What I can't understand is what's the point of massive surplus after massive surplus if the government won't spend it on things that actually need money?

[charles_wif_xf]

That's just plain crap. That friggin monkey Howard is going too far.

[MAFIA]

Originally Posted by charles_wif_xf

That's just plain crap. That friggin monkey Howard is going too far.

You know your right about that. That John Howard and B*ll Liberal party have screwed Australia up for last F*#ken 10 years. Can't believe who would be dumb enough to vote for this guy and his poor @ss team.

Tell me Howard how does everything (basic) go up like fuel, food, mortage, bills, rates etc go up but not our weekly WAGES...... Everyone and everything is making money but no extra profit to our weekly pay. This does not make sense and it's p*ssin most average Australian off.

At least the Labor party got good true Aussie common sense to help us australian to make an end meet!

[OZFORDAU]

Meh LPG is cheap 39.9 cpl! Hahaha, goota love duel fuel : :eclipsee_

Cheers

Simon

[blutura]

Originally Posted by MAFIATL

You know your right about that. That John Howard and B*ll Liberal party have screwed Australia up for last F*#ken 10 years. Can't believe who would be dumb enough to vote for this guy and his poor @ss team.

Tell me Howard how does everything (basic) go up like fuel, food, mortage, bills, rates etc go up but not our weekly WAGES...... Everyone and everything is making money but no extra profit to our weekly pay. This does not make sense and it's p*ssin most average Australian off.

At least the Labor party got good true Aussie common sense to help us australian to make an end meet!

if you think that voting Labor into government is going to fix everything then you are seriously mistaken.

do you honestly think that once Beasley and cronies get into office they are ACTUALLY going to implement all these promises they've been sprouting?

a politician's promise is worthless. all the opposition party EVER does (and it doesn't matter whether it is labor or lib) is disagree with whatever the government party says, even if what they say is good, they still disagree.

part of the reason why all these taxes and duties have risen since Howard became PM is because they have been trying to build up revenue levels after Keating left a $96 Billion debt behind when he was voted out in 1996.

Beasley is a windbag with few real solutions. He was given a go a couple of years ago, failed, was axed, and now he's been brought back. The labor party is in disarray.

[AWD Chaser]

I don't think Johnnie and his team will last, but in saying that, Beasly's team won't make much of a diffence... not in the first few years anyway...

[MAFIA]

Originally Posted by MAFIATL

Tell me Howard how does everything (basic) go up like fuel, food, mortage, bills, rates etc go up but not our weekly WAGES...... Everyone and everything is making money but no extra profit to our weekly pay. This does not make sense and it's p*ssin most average Australian off.

oh really blutura then explain this! ^^^^

I think we should be voting for other party then Labour or Liberal!

[4.9 EF Futura]

Originally Posted by MAFIATL

Tell me Howard how does everything (basic) go up like fuel, food, mortage, bills, rates etc go up but not our weekly WAGES...... Everyone and everything is making money but no extra profit to our weekly pay. This does not make sense and it's p*ssin most average Australian off.

It's called inflation and its a necessary evil.

Riddle me this.

OK - so prices of *most* things are rising. Let's take the supermarket - makes a perfect example. Now, the people who work at the supermarket most likely shop there as well - agreed?

Let's say the employees are complaining about how the prices of food and groceries are increasing and they need a wage increase to counter this. Management agrees and puts wages up 5%.

Management now sees that labour costs have risen 5%, so they decide that prices on their products need to start increasing - because at the end of the day, they're in it to make a profit, if profits are not being made then they'll fire everyone, close the store and move onto something else.

So they increase the price of their products 5% to combat the increased wage costs. The workers of the supermarket are now back to square 1. They are getting paid 5% more but the prodcuts have increased 5% as well. So they may ask for another payrise - the cycle has begun.

Now take the supermarket example and apply it to the whole economy. People demand payrises to combat increased prices. Prices rise as wage costs are becoming more expensive.

This is exactly what we DONT WANT to happen. Its exactly how you wind up with steep inflation, at which point the RBA cranks interest rates up to the max and sends the economy into recession - i.e. "a recession we have to have"....

The real problem is that the oil companies are the ones that calculate oil prices so there is little to stop them setting what ever price they want.

The market actually sets the price. The more demand there is, the higher the price goes (basic market functions). This continues until certain participants are priced out of the market - i.e. oil goes to the highest bidder. If the global market for oil is willing to pay $75 per barrel, there actually isnt much an oil company can do about it. It operates just like gold, coal, wool etc.

Well, i tell a lie. They can increase the supply, which will have the effect of bringing the price down. But unfortunately almost every oil producing nation is pumping the stuff HAMMER AND TONG, some OPEC nations have maybe 5% extra capcaity up their sleeve - but they need to keep that in reserve for a REALLY rainy day. $75/barrel is nothing more than a slight drizzle.

Wont help prices at the pump much - not enough refineries to process it into petrol. The USA hasnt built a refinery for 30 years now - what does that tell you about their predictions regarding oil supply?

Reason being there are reports that the US is sitting on high density oil shale holding 2 trillion barrels of oil, Canada has some many billions of barrels (as oil shale as well), the Russians have massive amounts of oil (in crude form) as well and the Iraqi refineries are controlled by the US led invasion forces.

Iraqi oil isnt online yet. They are sitting on BIG reserves - but obviously not a good idea for bush (politically) to be sending men in to set up oil wells whilst the country is in the state that it is.

Oil shale in the northwest and canada isnt really oil. There are lots of problems. Basically they heat the out of the shale, it expands and secretes an oil-like substance which goes into one HELL of a refinery and comes out as a petroleum product. Problem a) once you've heated the shale, it expands and therefore the hole you dug it out of isnt big enough to put it all back. Problem b) you consume a LOT of energy heating it. Problem c) that's one VERY VERY fancy refinery you need to work with it. At the end of the day, it might have cost to $30 to produce that barrel of oil... but the saudis are pumping it out of the ground for $2 barrel... a barrel of oil that costs $30 to produce isnt going to help much.

Russia has BIG oil and gas reserves. Unfortuantely its a bugger getting to most of it. And if the oil is expensive to produce then unfortunately it doesnt contribute a lot to the global market.

Or is it all just John Howard's fault? :evilking:

[XplosiveR6]

Originally Posted by 4.9 EF Futura

The market actually sets the price. The more demand there is, the higher the price goes (basic market functions). This continues until certain participants are priced out of the market - i.e. oil goes to the highest bidder. If the global market for oil is willing to pay $75 per barrel, there actually isnt much an oil company can do about it. It operates just like gold, coal, wool etc.

I understand that the market sets the price for oil, simple supply and demand. But, supply and emand could not alone cause the barrel prices to clime so sharp, prices of petrol have risen 80-90%!! in 3-4 years, where before 3-4 years ago petrol prices where increasing, but at a steady, very slow rate.

for example, around 6months ago, prices climed to 130cpl, then a few months later prices where around 108cpl, then about a month or 2 ago prises shot back up to what we have now, these sharp, falls and rises cannot posibly due to the market supply/demand.

Has anyone realised that petrol pricing has gone out of control since 9/11??

[4.9 EF Futura]

Originally Posted by EF_Dave

I understand that the market sets the price for oil, simple supply and demand. But, supply and emand could not alone cause the barrel prices to clime so sharp, prices of petrol have risen 80-90%!! in 3-4 years, where before 3-4 years ago petrol prices where increasing, but at a steady, very slow rate.

Im guessing that 3-4 years ago, you werent getting cold-called from india on behalf of your insurance company or financial institution?

Some scary reading here:

http://www.cbc.ca/news/background/oi...ly_demand.html

Few points to note:

- Oil demand is is expected to increase 54% in between 2000 and 2025. To put that in context for anyone who doesnt want to read the article, to keep up with demand, the oil producing countries of the world will need to pump an additional 44 MILLION BARRELS EACH AND EVERY DAY OF THE YEAR!!! Our current global consumption is about 83 million barrels per day - and producers can only just keep up with that.

Dunno about you but that sends a freezing cold chill up and down my spine.

- China's demand for oil is expected to surpas the USA in 2025. The USA currently goes through 20 million barrels per day. China currently consumes just over 6 million barrels per day.. yet are expected to be getting through more than 20 million a DAY within the next 20 years!!!

That's going from:
1,011,120,000 litres per day to
3,370,400,000 litres per day

Each and every day, 365 days a year... over a period of 20 years or so.

Here is a table from the above article showing the recent growth in consumption. As horrific as the concept may seem - the oil price really does appear to be a result of increased demand.

These figures are in MILLIONS OF BARRELS PER DAY!!

Country 2000 2001 2002 2003 2004
USA 19.70 19.65 19.76 20.03 20.52
China 4.80 4.92 5.16 5.55 6.63
Japan 5.61 5.53 5.46 5.58 5.44
Former Soviet Union 3.90 4.30 4.11 4.18 4.16
Germany 2.77 2.81 2.72 2.68 2.67
India 2.05 2.10 2.10 2.20 2.30
Canada 2.03 2.04 2.08 2.19 2.29
France 2.00 2.05 1.98 2.06 2.04
UK 1.76 1.72 1.77 1.72 1.86
Total World 76.95 78.10 78.44 79.89 82.63

I suggest we enjoy the luxury of fossil fuels whilst we can

[OldManGhia]

The market actually sets the price. The more demand there is, the higher the price goes (basic market functions). This continues until certain participants are priced out of the market - i.e. oil goes to the highest bidder. If the global market for oil is willing to pay $75 per barrel, there actually isnt much an oil company can do about it.

I don't agree because Oil Companies set the price BASED on the market rate. They can then set the price wherever they want it to be. You only have to look at the huge profits these companies are making to realise they are setting the price way above a reasonable profit margin.

Also the exchange rate on the dollar affects the price paid per barrel. I remember a few years ago when oil went close to $60 per barrel and the exchange rate was in the low 40s ULP went up to around 1.10- 1.15 per litre. Oil is at $75 per barrel but the exchange rate is nearly double what it was then. (77c) So why such a big increase now. I think the answer is simple. Oil companies are building up reserves for the day when there is no more oil and they will need to bring out of the closet all of the inventions and improvements in engine design they they have bought up over the years.

I have also heard commentators in the media equate a $1 rise in oil to 1c at the bowser. If thats the case then we should be paying around $1.25 for ULP. 75c + excise of 38.1 plus GST = $1.244

[FordFan86]

It isn't the petrol stations themselves setting the price...
They [we] get a message through the computer that tells us the MAX price we can set it at, and at what time they want us to change it (always set at the max price as we only get 1 1/2-2cpl..) (they being caltex/bp/mobil head office)
Takes 60 seconds for the pumps to reset, and will normally change the price within 10mins of the designated time..

[mash85]

its only gonna get worse. one of my best mates is a manager at a shell, said that shell have set their prices at a $1.60 for may... :(

[megsy]

filled up last night at 1am when i got home from work, it was 129.5 for 91 ron at united bulleen rd/banksia st

[melon466]

Might be time to put LPG injection on the ute!!!!!!!!!! 60c/l is better than a buck 50.

[brenx]

Originally Posted by melon466

Might be time to put LPG injection on the ute!!!!!!!!!! 60c/l is better than a buck 50.

It's ironic how LPG was ctaching petrol in price and now it's back to 1/3rd of the price again. LPG installers will be loving it. Busy busy busy