Oil crisis creates $100 a barrel.. if you'd care to believe that
02/01/08 16:21 Filed in: Personal
So, apparently, we are in the middle of oil crisis because oil has hit $100 a barrel.
Which is odd really. Because production hasn't fallen and demand hasn't risen.
Then in the very next story we are told that Gold has risen to an all time dollar price. Again, no increase in demand or loss of supply.
So come on.... do the math. If nothing has happened to either oil or gold, what is the real truth about this story.
Well, it's simple. The dollar has devalued. That's why all other commodities have also taken a sudden increase in cost.
By how much, well take a look a the GBP to USD or EUR to USD conversion. At the time I write this posting, it's currently running at;
1 GBP = 2.21 USD
and
1 EUR = 1.53 USD
What's really annoying me though, is that petrol (gas) prices in the UK have risen, when the exchange rate is working IN OUR FAVOUR. Quite how long petroleum companies like Shell or BP can get away with this is astounding me. People are actually suggesting that it's OK for them to profiteer on this because it allows them to build up cash reserves for when times are hard. I'm sorry, did I miss something here. But don't they put the prices up when there is a crisis?
BP makes around £3.5 BILLION pounds PROFIT each Quarter. That's £14 BILLION PROFIT per year. It's about time somebody started to really kick off about this. Because that's absolutely ridiculous. I'm not suggesting the Government, because lets face it... 2007 was another fantastic year for cock-ups. No, I'm talking about customers. Trouble is, they ALL make stupid profits. So just how do you fight back? Well, short of opening your own oil field... I'm short of answers. But I'm open to suggestions.
It was only a few years back when the truckers blockaded the main petroleum distribution depots and forced a price drop. I think it's about time that happened again. Don't get me wrong, I understand that most of the price in petrol is tax. But can somebody explain to me how BP makes £14 billion a year profit if things are paired to the bone?
Which is odd really. Because production hasn't fallen and demand hasn't risen.
Then in the very next story we are told that Gold has risen to an all time dollar price. Again, no increase in demand or loss of supply.
So come on.... do the math. If nothing has happened to either oil or gold, what is the real truth about this story.
Well, it's simple. The dollar has devalued. That's why all other commodities have also taken a sudden increase in cost.
By how much, well take a look a the GBP to USD or EUR to USD conversion. At the time I write this posting, it's currently running at;
1 GBP = 2.21 USD
and
1 EUR = 1.53 USD
What's really annoying me though, is that petrol (gas) prices in the UK have risen, when the exchange rate is working IN OUR FAVOUR. Quite how long petroleum companies like Shell or BP can get away with this is astounding me. People are actually suggesting that it's OK for them to profiteer on this because it allows them to build up cash reserves for when times are hard. I'm sorry, did I miss something here. But don't they put the prices up when there is a crisis?
BP makes around £3.5 BILLION pounds PROFIT each Quarter. That's £14 BILLION PROFIT per year. It's about time somebody started to really kick off about this. Because that's absolutely ridiculous. I'm not suggesting the Government, because lets face it... 2007 was another fantastic year for cock-ups. No, I'm talking about customers. Trouble is, they ALL make stupid profits. So just how do you fight back? Well, short of opening your own oil field... I'm short of answers. But I'm open to suggestions.
It was only a few years back when the truckers blockaded the main petroleum distribution depots and forced a price drop. I think it's about time that happened again. Don't get me wrong, I understand that most of the price in petrol is tax. But can somebody explain to me how BP makes £14 billion a year profit if things are paired to the bone?