So the banks have cut the rates... what about oil ?

[loanrangie]

Oil is less than USD $90/ barrel but i dont see the bstards dropping the fuel prices, as soon as the price goes up they pass that straight to the pump when it may take a month for that stockpiled oil to be processed ? The *****s win either way :twisted:.

[rick130]

oil wont go down as it's traded in US$ and the Aussie has collapsed in the last few weeks on world markets ;)

[inside]

If you look at the graphs the AUD slide has coincided with the oil slide.

[JDNSW]

It depends on exactly which dates you compare, but roughly speaking, the price of oil in $US has fallen by about 20-30%, and the value of the $A has fallen by about 25% relative to the $US

John

[loanrangie]

oil wont go down as it's traded in US$ and the Aussie has collapsed in the last few weeks on world markets ;)

But it has gone down, was about $200 /barrel only 2 weeks ago or so now down to $88, the world markets have collapsed not just the aussie so i dont see your point, demand for oil should drop therefore causing a stockpile which they will have to reduce the price of to move it.

[loanrangie]

It depends on exactly which dates you compare, but roughly speaking, the price of oil in $US has fallen by about 20-30%, and the value of the $A has fallen by about 25% relative to the $US

John

Oil has fallen more like 50-55 %.

[B92 8NW]

But it has gone down, was about $200 /barrel only 2 weeks ago or so now down to $88, the world markets have collapsed not just the aussie so i dont see your point, demand for oil should drop therefore causing a stockpile which they will have to reduce the price of to move it.

Petrol is such an inelastic product that I don't reckon demand is going to change much at all. Even when it has been at all time high prices, it really hasn't stopped many people from buying it.

[Captain_Rightfoot]

Unfortunately our dollar which was nearly 1-1 with the US was at .66c a few seconds ago. That means any drop in oil price should be matched by the dropping $ :(

[JDNSW]

Thehighest oil was for any sustained period was about $120, not $200. I think it touched $140, but only briefly. I could be wrong, as I don't follow it closely, but I would have thought I'd have noticed if it had reached $200 or close to. Of course it also depends which price you are talking about! The one usually quoted on the news is West Texas Intermediate, which is a lot more volatile than Tapis, which is closer to what Australian prices are based on, although these are actually based on Singapore refined product prices, which vary a bit differently.

John

[mark2]

It never got near US$ 200, fortunatly.

Best way to see if we are being ripped is to compare the oil price in current AUD's.

While I suspect we are being ripped off, even taking into account the plummeting AUD, my only consolation is that a falling oil price means that supply is keeping up with demand for at least the time being.

Once demand exceeds supply capacity (Peak Oil), you'll think todays prices were dirt cheap.

[Bigbjorn]

Haven't you worked it out that fuel prices go up, not down. You don't expect the executives of the Seven Sisters to lower prices, profits, and their salary packages.

[Slunnie]

Haven't you worked it out that fuel prices go up, not down. You don't expect the executives of the Seven Sisters to lower prices, profits, and their salary packages.
Dunno, In Orange the fuel prices haven't gone up for a long time now. Actually, they've been falling ever since its peak at 198.9 and dropped again just yesterday by 2c/litre for diesel down to 171.9.

[blurryone]

according to the CIA world factbook peak oil has been and gone (2005) we are on the slide down now. 3 years later and look at the catalyst effect on the overpriced world markets.

continuous growth is only possible assuming unlimited resources. we live in the real world where things are limited.

[PhilipA]

AFAIR
Oil at USD 145 at USD96= AUD1 = AUD 151 per barrel
Oil at USD 88 at USD 69= AUD1 = AUD 127.5 per barrel.
This is about 16% difference or on say 1.60 or 25 cents per litre it should be down. I haven't seen 1.35 anywhere.

Someone is getting at us somewhere as the petrol price in Sydney went up this week vs last week.

Regards Philip A

[Hymie]

Fuel Prices Drop?
Bwahhhhhaaaaaahaaaaaaa
Thats a good one!!!