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8 a gallon by the end of 2008?

From 4car.
===========

Fuel prices could rocket to around £8 a gallon by the end of the year according to a new report.

Goldman Sachs energy strategist Argun Murti reckons crude oil could soar from the current $123 a barrel to $200 in six months. This will have an inevitable knock-on at the pumps and UK motorists could see prices for a litre of petrol rise to almost £1.80.

Oil prices have now risen by 25% in the last four months and 400% since 2001, but there appears to be no let up with the price hikes as oil companies struggle to meet demand. Mr Murti correctly predicted three years ago - when oil was about $55 a barrel - that it would pass $100, which it reached for the first time in January of this year.

Global demand for oil is being led by economic booms developing countries such as China and India. Both countries are now increasingly competing with the US, the European Union and Japan for the lion's share of global oil production.

============

It's already 113p a litre in Ascot and Egham area!

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Re: 8 a gallon by the end of 2008?

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Originally Posted by mojo_jojo View Post
From 4car.
===========

Fuel prices could rocket to around 8 a gallon by the end of the year according to a new report.

Goldman Sachs energy strategist Argun Murti reckons crude oil could soar from the current $123 a barrel to $200 in six months. This will have an inevitable knock-on at the pumps and UK motorists could see prices for a litre of petrol rise to almost 1.80.

Oil prices have now risen by 25% in the last four months and 400% since 2001, but there appears to be no let up with the price hikes as oil companies struggle to meet demand. Mr Murti correctly predicted three years ago - when oil was about $55 a barrel - that it would pass $100, which it reached for the first time in January of this year.

Global demand for oil is being led by economic booms developing countries such as China and India. Both countries are now increasingly competing with the US, the European Union and Japan for the lion's share of global oil production.


I'm going to be walking a lot then.

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Re: 8 a gallon by the end of 2008?

i very much doubt it will hit $200 over the next 2 years, let alone 6months. goldman sachs said it may hit $150-$200 over the next 6months to 2years. typical media picking the highest figure and the lowest time scale.

now could be a good time to buy oil stock though, hopefully i've just picked a belter

a few other analyists have predicted even more rises but agree that $200 in 2 years sounds unrealistic, also the bubble could well burst.

oil hit record highs of $126 a few days ago, but its come down off its highs and currently tradin around $124.

Last edited by G5een; 14-05-08 at 20:00.
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Re: 8 a gallon by the end of 2008?

There is enough oil to go around. Its just investors are buying it instead of investing in the stock market, and things like other currencies. They then hang on to it, then sell on a while later for profit. This is what pushes up prices, as it creats a false demand.

There is just as much chance that the prices will drop as rise that high if the bubble bursts.
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Re: 8 a gallon by the end of 2008?

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Originally Posted by mojo_jojo View Post
From 4car.
===========

Fuel prices could rocket to around 8 a gallon by the end of the year according to a new report.

Goldman Sachs energy strategist Argun Murti reckons crude oil could soar from the current $123 a barrel to $200 in six months. This will have an inevitable knock-on at the pumps and UK motorists could see prices for a litre of petrol rise to almost 1.80.

Oil prices have now risen by 25% in the last four months and 400% since 2001, but there appears to be no let up with the price hikes as oil companies struggle to meet demand. Mr Murti correctly predicted three years ago - when oil was about $55 a barrel - that it would pass $100, which it reached for the first time in January of this year.

Global demand for oil is being led by economic booms developing countries such as China and India. Both countries are now increasingly competing with the US, the European Union and Japan for the lion's share of global oil production.

============

It's already 113p a litre in Ascot and Egham area!

we'll still pay it though
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Re: 8 a gallon by the end of 2008?

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Last edited by 156Chris; 10-12-08 at 14:54.
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Re: 8 a gallon by the end of 2008?

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Hopefully that will keep the poor people off the road!!! or at least what Gordon's plan seems to be ...
People will have to quit their jobs as they won't be able to afford to drive to work. That will do the economy a lot of good.
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Re: 8 a gallon by the end of 2008?

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People will have to quit their jobs as they won't be able to afford to drive to work. That will do the economy a lot of good.
That'll be me, 80 miles a day

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Re: 8 a gallon by the end of 2008?

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Last edited by 156Chris; 10-12-08 at 14:54.
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Re: 8 a gallon by the end of 2008?

As previous posters have said... it is not all bad - The roads will be clearer

If people cannot afford to get to work in a big way, then obviously this will compound the problems that the country is currently facing many times over. For some reason I'm not particularly worried about this. I currently wish BOE would hike interest rates so house prices would fall faster.

Wouldn't really want to sell the V6 (and it'd be worthless so no point), so it might actually do me a lot of good as I'd ride my bike everywhere again like I did before I passed. Save the GTV for the weekend.
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Re: 8 a gallon by the end of 2008?

Long live Gordon Brown............Socialism we applaud.

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Re: 8 a gallon by the end of 2008?

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Last edited by 156Chris; 10-12-08 at 14:54.
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Re: 8 a gallon by the end of 2008?

Surprise! Oil prices are going up!

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There is enough oil to go around.
Afraid not, I visited a company that makes drilling heads for oil exploration last week and they just can't get it out of the ground quick enough to meet global demand. Oil companies are creaming it off the top because with a shortage of supply they can charge pretty much what they want and we have no choice but to pay it at the pumps. They pump it out of the ground and sell to the highest bidder - who sells it on to us for another huge profit margin.
 
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Re: 8 a gallon by the end of 2008?

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Surprise! Oil prices are going up!


Afraid not, I visited a company that makes drilling heads for oil exploration last week and they just can't get it out of the ground quick enough to meet global demand. Oil companies are creaming it off the top because with a shortage of supply they can charge pretty much what they want and we have no choice but to pay it at the pumps. They pump it out of the ground and sell to the highest bidder - who sells it on to us for another huge profit margin.
I just hope then the scientists find a viable alternative soon. It certainly isn't biofuels, and I can't see electric become popular due to the additional pollution it would cause to produce enough to power all the cars.
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Re: 8 a gallon by the end of 2008?

Shell garage in Liverpool diesel and petrol gone up by 3p in a week!!!
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Re: 8 a gallon by the end of 2008?

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Originally Posted by symonh2000 View Post
I just hope then the scientists find a viable alternative soon. It certainly isn't biofuels, and I can't see electric become popular due to the additional pollution it would cause to produce enough to power all the cars.
Even if they overcome the battery life problems electricity still has to be generated. If many cars were powered by it, the current shortfall in generating capacity would be exacerbated. They have to build more power stations but current technology relies on gas (getting short and expensive), coal (dirty and diminishing supply), or nuclear (potentially dangerous and politically sensitive). All the alternatives are still too small scale.

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Shell garage in Liverpool diesel and petrol gone up by 3p in a week!!!
Yes, the Total station near us has gone up a 1p every day since Sunday bar this morning.
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Re: 8 a gallon by the end of 2008?

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I just hope then the scientists find a viable alternative soon. It certainly isn't biofuels, and I can't see electric become popular due to the additional pollution it would cause to produce enough to power all the cars.
Tell me about it! I'm expecting it'll level out about 2 a litre but with China and India taking off it could go higher.

Read somewhere the other week if the UK converted its entire farmland to biofuel production we'd just about have enough to run Heathrow ... it must be true, a newspaper said it! Scary if it is right.
 
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Re: 8 a gallon by the end of 2008?

Strange how $123 a barrel equates to 1.20 a litre for us, and 40p a litre in the States
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Re: 8 a gallon by the end of 2008?

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Originally Posted by symonh2000 View Post
I just hope then the scientists find a viable alternative soon. It certainly isn't biofuels, and I can't see electric become popular due to the additional pollution it would cause to produce enough to power all the cars.
I think either nuclear powered cars with small reactors (could be fun!?), or solar powered cars... IIRC the energy from the sun in a car sized area is enormous, just panels currently are so inefficient. If you think about it solar makes sense as anything else (oil/coal, biofuels etc etc) is just heat/light radiated by the sun and stored chemically. If that isn't enough, then there simply are too many people.
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Re: 8 a gallon by the end of 2008?

Much is publicised about the cost of a barrel but keep your eye on the real issue, the UK government takes over 70% tax out of every litre that is sold.
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Re: 8 a gallon by the end of 2008?

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Much is publicised about the cost of a barrel but keep your eye on the real issue, the UK government takes over 70% tax out of every litre that is sold.
.. and there is little chance of that coming down. They need every penny they can get to service the debt mountain they have built up.
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Re: 8 a gallon by the end of 2008?

As they used to say,'The Balloons Gone Up' for sure. Don't remember the inflation bit though? In your shelters folks, for a rough period, til' the 'All Clear' sounds again, if ever! Wot' No Hard Times?:
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Re: 8 a gallon by the end of 2008?

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I think either nuclear powered cars with small reactors (could be fun!?), or solar powered cars... IIRC the energy from the sun in a car sized area is enormous, just panels currently are so inefficient. If you think about it solar makes sense as anything else (oil/coal, biofuels etc etc) is just heat/light radiated by the sun and stored chemically. If that isn't enough, then there simply are too many people.
Nuclear reactors can't be made small, as there has to be a critical mass of the fuel to slow released neutrons down enough to split another atom. If the mass is too small, the neutron isn't slowed down enough until it escapes the mass of fuel.

Fusion on the other hand.. Once we get that working large scale, maybe it would be possible to downsize it?
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Re: 8 a gallon by the end of 2008?

you can use the below link to find the cheapest fuel in your area, hope this helps.

Arval Online
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Re: 8 a gallon by the end of 2008?

There is enough oil in the ground, problem is we don't have the technology to get at it economically.

Read an article a few years ago that stated we can only get at a certain % of what is there because of a) expense b) not having the technology.

If things get so bad they'll just cook up a better way of getting at it.
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