Shrewd Mammal

while Rome burns #1

Posted on: October 8, 2008

I was listening to Radio4 today and the disrespectful and outright combative “interview” that the Chancellor Alistair Darling had to endure from Mr Humphreys about the Treasury rescue package on offer and I drove pass a petrol station that had unleaded at £106.9 per litre. I did a double take.

As I sit here in my office looking at the price of Brent Crude ( it sits at $82 dollars a barrel down from a high of $145 a few months ago.

My questions are this:

  • If Oil prices are NOT futured so we had to face pump price rises almost immediately, why have we not seen reductions to mirror the drop.
  • If Oil prices ARE futured then will we see a comparable drop in say 1 months time such that Unleaded drops to around the 98p per litre price that it was before the price hikes?

Also, we were told in the UK that Gas and Electricity prices had to rise by 35% because oil prices were rising and they were linked. Well now oil prices are coming down at an alarming rate I presume British Gas et al will be reducing and in some cases reversing the rises the implemented last month?

This is something the toothless and spineless body that is OFGEM should be dealing with but whilst they waste time doing nothing but making platitudes the Gas and Electricity companies are raking it in, so are the Oil companies as well as the likes of Morrisons, Sainsburys, Tesco, Asda etc who have forecourts.



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