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There are two more wholesale price rises to filter through. Expect diesel in to hit $1.80 in Melbourne over the next couple of weeks.
Oil futures hit $133 USD a barrel last night. Predictions are it will go to $USD200.
That will mean ULP will be $2.00 - $2.20 and diesel probably $2.50 per/l in Metro areas.
The only thing that is helping us is the A$ which is hovering around 96c to the USD.
Yes I think your on the money here, it's bloody frightening.Quote:
Originally Posted by waynep
it was 1.80 in the mountains the other day, still around the 1.70 mark in syndey
:eek: that makes it $200 to fill the disco.Quote:
Originally Posted by waynep
glad i don't have a V8!:p
Everytime i think of getting a new 4wd i look at fuel prices and it becomes a redundant thought!
It's not only us :)
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By Chris Baltimore in Washington
May 22, 2008 12:08pm
EXECUTIVES from the five biggest international oil companies today claimed that they were victims of high oil prices along with consumers, but US senators showed little sympathy.
For the second time this year, executives from Exxon Mobil, Chevron and three other big energy companies were called to testify before the US Congress to explain their swelling profits as petrol prices hit new records.
Australian motorists warned - worse to come
Executives testifying under oath before the Senate Judiciary Committee reiterated the corporate stand that crude oil markets - not profiteering at the petrol pump - were the prime reason behind high prices.
"As repetitive and uninteresting as it may sound, the fundamental laws of supply and demand are at work," said John Hofmeister, president of Shell Oil Company, the US subsidiary of Royal Dutch Shell.
Prime drilling land in Alaska and the outer continental shelf off the US coast were off-limits and international oil companies were at a growing disadvantage to government-owned companies like Saudi Aramco and Venezuela's PDVSA, executives said.
Exxon Mobil, the No. 1 US oil company, said it made about 4 cents a gallon in the US, down from 10 cents in 2007, due mainly to higher oil costs.
Politicians appeared leery and sometimes downright hostile to executives' testimony that crude oil prices - which comprise about 70 per cent of petrol prices - were the primary reason for soaring petrol prices.
"To me it was just a litany of complaints that you're all just hapless victims of a system," said Senator Dianne Feinstein, a California Democrat. "I don't think you are really."
Committee chairman Senator Patrick Leahy of Vermont asked the executives to disclose their 2007 salaries, and at least one executive was unable to answer.
"I know it's a matter of public record. I do not know the exact amount," said John Lowe, executive vice-president of ConocoPhillips.
"Mr Lowe, I wish that I made enough money that I didn't have to know how much I made," Senator Leahy said.
"Do you suppose you might be able to find out how much you make and let us know?"
Mr Lowe said he would.
Oil prices have risen six-fold since 2002 as surging demand in China and other developing economies strained supplies and added pressure to a faltering US economy already struggling under a housing crisis and global credit crunch.
The oil company executives, which also include the US subsidiary of BP, are scheduled to testify again tomorrow before a House Judiciary Committee panel.
Democrats in the Senate are pursuing punitive measures like higher taxes aimed specifically at the five companies who appeared at the hearing.
Earlier this month, politicians unveiled a new energy package that would revoke billions of dollars in tax breaks extended to big oil companies and slap a 25 per cent windfall profits tax on firms that don't invest in new energy sources.
I paid $1.799 at a Woolies in Canberra yesterday - at the same garage ULP was "only" $1.559.
At these prices sort of defeats the fuel consumption advantage of a diesel over petrol - might as well just switch back to a petrol car.
Garry
Well I think a 4 cylinder 2 litre petrol car is the way to go over diesel these days.Quote:
Originally Posted by garrycol
From a Caravanning Forum. Don't worry about the "Prado", the economics will be similar regardless of the make of vehicle.
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"As soon as diesel becomes 30 cents per litre more expensive than ULP that's the cut off point for diesel being cheaper to run a vehicle. Especially if you are towing a van ... the type of vehicle you drive obviously makes a difference but I used today's prices ($1.41 ULP ... $1.69 diesel) and ASA fuel comparison figures for a Prado in both diesel and petrol. Worked out that over 20000k's of use (12000k of towing which is what we do) the diesel engine would cost just under $300 per year more than the ULP motor.
'Fuel' for though for those wondering what motor to get next."
and thats what needs to happen here, not a 5c drop in excise... IMHOQuote:
Originally Posted by RonMcGr
the comparison would be far different to the disco surely? the v8 disco is fairly thirsty especially when towing, and the td5 / tdi are pretty frugal with diesel even when towing..Quote:
Originally Posted by RonMcGr
wonder what figures were used 'cause in reality toyota normally understate the fuel usage.. not mentioning the lc200 :)
Thanks
Steve