Petrol Prices now that Gadaffi is dead

gavmcfad

If this is better suited to another forum feel free to move.
I remember reading that one of the reasons the price of oil was increasing was because of the war in Libya.
My question is now that Gadaffi is dead will we see a drop in the price of oil and if so, when will this happen.
Or was it just an excuse to push up the price of petrol.

AlekSmart

gavmcfad wrote: »

I remember reading that one of the reasons the price of oil was increasing was because of the war in Libya.
My question is now that Gadaffi is dead will we see a drop in the price of oil and if so, when will this happen.
Or was it just an excuse to push up the price of petrol.

Oddly enough,this morning I noticed yet another upward spike of fuel prices in Dublin...how odd...surely the final demise of the Evil,Mad-Dog would have resulted in an immediate fall....or is there something far more complex we simpletons can't be expected to fathom....:o

snubbleste

Saddam Hussein was killed a few years back..yet the price of oil has risen since. Go figure.

AlekSmart

snubbleste wrote: »

Saddam Hussein was killed a few years back..yet the price of oil has risen since. Go figure.

Y'know snubbleste,you're right...tis' a pure mystery...;)

listermint

Id imagine OPEC need to sit down with the NTC etc and hash this out. Gaddafi is only gone (literally) since last week.

Jonny7

Well Iraq's oil production was stagnant for years after the invasion. Sabotage, bad infrastructure, mismanagement, corruption - only in 2009 or so has it broken even with pre-invasion levels of production.

carveone

I think that oil prices have become twitchy in the last few years and tend to reflect economic factors as much as production stability factors. My personal belief is in the Export Land Model, where countries that export oil start using more of it themselves as their population seeks to become more western. So export prices rise.

So when we have a Libyan conflict, oil prices rise from supply contraction. After that, prices rise from rising economic hope. Every time the European situation looks like it may be fixed, oil prices rise.

So for lower petrol prices, you have to look for doom and gloom. Not a pretty picture really...

V_Moth

The Libyan Oil Refineries were badly damaged during the conflict and will take month/years to fix.

Also, I doubt petrol prices will fall below €1 in the foreseeable future.

oppenheimer1

V_Moth wrote: »

The Libyan Oil Refineries were badly damaged during the conflict and will take month/years to fix.

Also, I doubt petrol prices will fall below €1 in the foreseeable future.

I doubt petrol will ever fall below a €1 a litre tbh.