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Oil hits $100 a barrel for first time

Comments

  • #2
    DonJose
    Registered Users, Registered Users 2 Posts: 3,470 ✭✭✭DonJose


    JHMEG wrote: »
    Not good.

    http://www.rte.ie/business/2008/0102/oil.html

    If the Euro wasn't so strong we'd be paying some serious petrol prices.


  • #3
    JHMEG
    Closed Accounts Posts: 7,686 ✭✭✭JHMEG


    DonJose wrote: »
    If the Euro wasn't so strong we'd be paying some serious petrol prices.
    And everything else... electricity, plastics, anything that's transported (which is everything)


  • #4
    Tipsy Mac
    Closed Accounts Posts: 2,559 ✭✭✭Tipsy Mac


    Problem is with the taxation on fuel much more gets added on before the motorist gets it into their car


  • #5
    galwaytt
    Registered Users, Registered Users 2 Posts: 12,822 ✭✭✭✭galwaytt


    actually, to stop oil completely fubar-ing our inflation, we should cap tax - iow, effectively reduce the tax. Otherwise the biggest winner in oil barrel increases is...........the government.

    Not right, and not fair.

    Mind you, they just gave themselves, what, an extra 38k cushion to tide themeselves over this 'rough spot'..?:rolleyes:

    Ode To The Motorist

    “And my existence, while grotesque and incomprehensible to you, generates funds to the exchequer. You don't want to acknowledge that as truth because, deep down in places you don't talk about at the Green Party, you want me on that road, you need me on that road. We use words like freedom, enjoyment, sport and community. We use these words as the backbone of a life spent instilling those values in our families and loved ones. You use them as a punch line. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the tax revenue and the very freedom to spend it that I provide, and then questions the manner in which I provide it. I would rather you just said "thank you" and went on your way. Otherwise I suggest you pick up a bus pass and get the ********* ********* off the road” 



  • #6
    Tipsy Mac
    Closed Accounts Posts: 2,559 ✭✭✭Tipsy Mac


    Interesting article from the BBC, looks like €100 trader wanted bragging rights to say he was first to pay that amount for the oil, cost him $600 to do it ...http://news.bbc.co.uk/2/hi/business/7169543.stm
    Single trader behind oil record
    The man behind the record rise in oil prices to $100 a barrel was a lone trader, seeking bragging rights and a minute of fame, market watchers say.

    A single trader bid up the price by buying a modest lot and then sold it immediately at a loss, they claim.

    The New York Mercantile Exchange said that US crude oil futures traded just once in triple figures on Wednesday.


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  • #7
    Pete4779
    Closed Accounts Posts: 622 ✭✭✭Pete4779


    Does anyone know how much a barrell of oil actually costs if you take away the speculation?

    I.e., the cost of getting it out of the ground, packaging, refining, whatever, plus a margin for profit?

    It seems that the price we pay is far too influence by things nothing to do with oil - e.g., riots in Kenya "worries speculators" - the price goes up mysteriously. MOnks getting killed in Burma? Oil price goes up.

    Global warming fears? (Winter is cold - shock!) - Oil goes up.

    Too much speculation. How much does it actually cost? $20? Are we really paying so much to the layers of management funds and specualtors just so they can think about oil while the product itself costs much less?

    We don't speculate on the price of bread, so we shouldn't on oil either, except of course a small amount of wealthy people would lose out so we do.


  • #8
    TheBazman
    Registered Users, Registered Users 2 Posts: 6,462 ✭✭✭TheBazman


    Tipsy Mac wrote: »
    Interesting article from the BBC, looks like €100 trader wanted bragging rights to say he was first to pay that amount for the oil, cost him $600 to do it ...http://news.bbc.co.uk/2/hi/business/7169543.stm

    Yep - oil futures were trading at $99.53 just before hand and apparently the trade was carried out between 2 guys in the "pit", as you say for bragging rights


  • #9
    JHMEG
    Closed Accounts Posts: 7,686 ✭✭✭JHMEG


    Pete4779 wrote: »
    We don't speculate on the price of bread,
    We do on wheat, which has gone up by 20%, and hence bread has gone up.

    Supply and demand: oil is sold to the highest bidder..


  • #10
    Cionád
    Registered Users, Registered Users 2 Posts: 2,002 ✭✭✭Cionád


    galwaytt wrote: »
    actually, to stop oil completely fubar-ing our inflation, we should cap tax - iow, effectively reduce the tax. Otherwise the biggest winner in oil barrel increases is...........the government.

    Not right, and not fair.

    iirc the tax on our fuel here is a flat rate rather than a percentage of the price, so the tax actually acts to stabilize the cost, whereas in areas where fuel has a low tax (such as usa), rises in wholesale prices effect the consumer more.


  • #11
    tuxy
    Closed Accounts Posts: 14,983 ✭✭✭✭tuxy


    How much tax are we paying on petrol? Does anyone here know the rate?


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  • #12
    Pete4779
    Closed Accounts Posts: 622 ✭✭✭Pete4779


    tuxy wrote: »
    How much tax are we paying on petrol? Does anyone here know the rate?

    http://www.ipia.ie/Issues/upload/What_determines_pump-prices.pdf

    Before tax price: whatever
    Excise duty: 44.27 cent/litre (before VAT)
    National Oil Reserve (NORA): 0.48 cents/litre
    VAT on those at 21%

    So say typical current price of €1.21/litre. Minus VAT = 100c, Minus NORA = 99.52c, Minus Excise duty = 55.25 cents/litre is the current rough cost of petrol here before taxes.Overall though, we still have it good compared to our near european neighbours (UK, Netherlands, Belgium, Germany are all much higher).


  • #13
    tuxy
    Closed Accounts Posts: 14,983 ✭✭✭✭tuxy


    Thanks Pete.
    Although you can't really say we have it good when you consider VRT and higher road tax.


  • #14
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    Pete4779 wrote: »
    Does anyone know how much a barrell of oil actually costs if you take away the speculation? I.e., the cost of getting it out of the ground, packaging, refining, whatever,
    Between US$1-US$5 out of the ground to the supertanker. I don't know about refining or transport.
    plus a margin for profit?
    Realise this is shared between government royalties, speculators and the oil companies. The oil companies also need to pay for finding the stuff in the first place.
    It seems that the price we pay is far too influence by things nothing to do with oil - e.g., riots in Kenya "worries speculators" - the price goes up mysteriously. MOnks getting killed in Burma? Oil price goes up.

    Global warming fears? (Winter is cold - shock!) - Oil goes up.

    Too much speculation. How much does it actually cost? $20? Are we really paying so much to the layers of management funds and specualtors just so they can think about oil while the product itself costs much less?

    We don't speculate on the price of bread, so we shouldn't on oil either, except of course a small amount of wealthy people would lose out so we do.
    So, make you own oil.


  • #15
    mikedragon32
    Closed Accounts Posts: 6,939 ✭✭✭mikedragon32


    I did try searching for this before to no avail.

    How much oil is there in a barrell?

    How much of that barrell actually becomes petrol and/or diesel?


  • #16
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    158.9873 litres per barrel.

    I imagine about 90% can become an oil or grease product, but I imagine much is diverted to say chemicals, plastics, etc. Some is used as a fuel in the refining process.


  • #17
    E92
    Closed Accounts Posts: 4,147 ✭✭✭E92


    There's 42 gallons of oil in a barrel, which I see is equivalent to about 159 litres.


  • #18
    Type 17
    Registered Users, Registered Users 2 Posts: 2,731 ✭✭✭Type 17


    That's 42 US Gallons = 34.9 Imperial Gallons, if you're thinking about how our fuel used to be measured...


  • #19
    meathstevie
    Registered Users, Registered Users 2 Posts: 4,777 ✭✭✭meathstevie


    Oil price : so far the scam of the century. Elect an American president rooted in the oil industry, surround him with a cabinet of people straight out of the boardroom of Halliburton and the likes and go and stir the ****e in the Middle East. Result : a heap of destitute, dead and maimed Arabs about whom nobody cares anyway. A couple of thousand dead GI's and squaddies whose wages and promotions don't have to be payed anymore except a miserable little pension for their wives and kids. A golden opportunity for defence contractors and suppliers to astronomically plunder the state. AND ASTRONOMICALLY HIGH OIL PRICES if the friends in fox news and cnn embark on the right type of panic mongering. I know it sounds like conspiracy theory crap but that's my cynical take on it. And yes, world demands are higher now than 2-3years ago but not that much higher as to explain the kind of price increases as we see happening.


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