Current Oil Price

oilslick · Post by **oilslick** » 27 Feb 2008, 09:03

Would be interesting to see the price in ? as the $ seems to be collapsing big style. Won't hurt UK drivers much but those poor old septics

RenewableCandy · Post by **RenewableCandy** » 27 Feb 2008, 09:09

About 1/2 an hour of my daily commute involves walking. I'm beginning to notice, over the past 2 weeks or so, there seem to be fewer cars driving about. I wonder, is this normal for this time of year (people who've just begun to pay off their Christmas debts are off for their 'winter sun' and more debt etc)? It's not 1/2-term either. Ideas?

PS_RalphW · Post by **PS_RalphW** » 27 Feb 2008, 10:12

oilslick wrote:Would be interesting to see the price in ? as the $ seems to be collapsing big style. Won't hurt UK drivers much but those poor old septics

When oil first hit $98 in November, the ? was over $2. In January and today, it is $1.99. That makes today a record in ? terms.

oilslick · Post by **oilslick** » 27 Feb 2008, 10:28

RalphW wrote:
oilslick wrote:Would be interesting to see the price in ? as the $ seems to be collapsing big style. Won't hurt UK drivers much but those poor old septics
When oil first hit $98 in November, the ? was over $2. In January and today, it is $1.99. That makes today a record in ? terms.

Not necessarily - oil was $100 the other day when ? was 1.94 wasn't it? That would be a record I would think - might have got cheaper for us since then.

Anyway, sure it won't be long before sterling matches the $ all the way down the slide!

RevdTess · Post by **RevdTess** » 27 Feb 2008, 11:16

New record high: 102.10

Aurora · Post by **Aurora** » 27 Feb 2008, 16:21

http://afp.google.com/article/ALeqM5jtN ... OetodAweMA

AFP - Crude oil prices set record high 102.08 dollars per barrel

Oil prices rocketed Wednesday to a record high above 102 dollars, with speculative trade energised by the sliding US dollar and jitters before OPEC's crude production meeting next week, analysts said.

New York's main contract, light sweet crude for delivery in April, touched an historic 102.08 dollars per barrel in electronic deals.

Brent North Sea crude for April delivery struck an all-time peak at 100.53 dollars.

"Oil futures made new record highs (on Wednesday) as the market continues to benefit from the weakening dollar, however, the market has retreated since making fresh highs amid profit taking," said Sucden analyst Nimit Khamar.

The weak US currency boosts prices of dollar-denominated raw materials like oil because they become cheaper for buyers using stronger currencies, which in turn tends to encourage demand, traders said.

Later Wednesday, New York crude changed hands at 101.20 dollars, up 32 cents from Tuesday's close. London Brent oil traded 31 cents higher at 99.78 dollars.

Article continues ...

RogerCO · Post by **RogerCO** » 28 Feb 2008, 12:35

I have in the back of my mind that somewhere around $102.?? will be the all time inflation adjusted record price (beating the previous 1980something record).
I guess it is a moving target as inflation continues to devalue the current price, but we must be just about there. Anyone know the current figure?

emordnilap · Post by **emordnilap** » 28 Feb 2008, 12:56

RogerCO wrote:I have in the back of my mind that somewhere around $102.?? will be the all time inflation adjusted record price (beating the previous 1980something record).
I guess it is a moving target as inflation continues to devalue the current price, but we must be just about there. Anyone know the current figure?

I'm sure I read elsewhere some months ago that an inflation-adjusted figure would be around $110 a barrel. I don't understand the complexities of exchange rates but with a falling dollar, isn't oil getting cheaper to buy? ?

SILVERHARP2 · Post by **SILVERHARP2** » 28 Feb 2008, 12:59

I don't know if inflation adjusted is all that important, a better indicator would be % of household income (at least in the west). I see no real evidence that people are overly complaining about energy prices yet.

emordnilap · Post by **emordnilap** » 28 Feb 2008, 13:08

SILVERHARP2 wrote:I don't know if inflation adjusted is all that important, a better indicator would be % of household income (at least in the west). I see no real evidence that people are overly complaining about energy prices yet.

Good point and makes me think of other similar posts recently regarding 'you've never had it so good' sort of thing.

As a % of income, food is quite low on the list and probably fuel in itself too. Cars + fuel would be an interesting %.

RevdTess · Post by **RevdTess** » 28 Feb 2008, 18:32

New record high 102.28 on Bacton gas terminal fire!

RevdTess · Post by **RevdTess** » 28 Feb 2008, 18:35

102.34

Mean Mr Mustard · Post by **Mean Mr Mustard** » 28 Feb 2008, 18:39

Tess wrote:New record high 102.28 on Bacton gas terminal fire!

Never mind the oil price, what about domestic gas supply, and electricity generation from gas supplies...?

Could be nasty. Stock up on fuel, water etc etc...

RevdTess · Post by **RevdTess** » 28 Feb 2008, 18:40

102.59

RevdTess · Post by **RevdTess** » 28 Feb 2008, 18:40

gas prices going through roof!