Shrewd Mammal

Archive for the ‘Oil’ Category

Is it me or do the BBC seem like they WANT financial armageddon. Watching the news today and for the past few weeks it feels like all the news crew at Bush House are having ecstatic episodes over the whole credit crunch/recession/failure thing.

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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.

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As I sit here listening to Radio 4 it is evident that the sharks are circling. When something like this happens (Lehman collapse) the media in it’s entirety attempts to simply create panic in order to increase listeners/readers/viewers.

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You bet! Today Oil hit $101 per barrel, up from $99 yesterday. It rose on news that OPEC will reduce output to maintain prices. Fair enough that is our fault for being so reliant on this stuff but the price was last this low in June of this year.

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So now, we are being told that Oil prices per barrel could drop to below $100. Great news for consumers however, whilst the price of Crude has been rapidly dropping this predictably has not been reflected on the forecourts.

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