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Ok, so lots of prices went up when oil went over (and beyond) the $100 a barrel mark earlier this year.

So with yesterdays oil price (below $83 a barrel) when can we expect prices to start falling and becomign affordable again?

Will the British fuel companies reverse some of their earlier 35% price hikes now oil is cheaper (one of the reasons they were claiming they had to put the prices up)? Or will it quietly be forgotten and they reap in more profit whilst low-medium wage earners, the unemployed and pensioners worry about switching on their heating this winter?

EDIT: It seems that Gordon Brown also reads my blog and agrees with me - Brown Demands Petrol Price Cuts (http://news.bbc.co.uk/1/hi/business/7662918.stm)

Comments

( 45 comments — Leave a comment )
djhive
Oct. 10th, 2008 07:22 am (UTC)
well, over here in Belgium, prices ARE dropping again (last week diesel, today petrol), although prices are now still about 25% over what they were before the massive increases...
hybridartifacts
Oct. 10th, 2008 08:07 am (UTC)
The companies will leave it as long as they can so they can make the most of the profits keeping a higher price will generate. They can do this because OFCOM is clearly useless as a regulator.

IMO the best thing for the government to do for the economy and the nation would be to re-nationalise the lot of them and then lower prices to a sensible level. But then I believe that its always in the national interest to have state run utilities, public transport, schools and hospitals. Just because in the past they have sometimes mis-managed doesn't mean state run HAS to be mismanaged, or that privately run = well managed.
angusabranson
Oct. 10th, 2008 08:25 am (UTC)
I completely agree. I have always thought that we should have keep many of the state run services exactly that and shouldn't have privatised them. No matter what some people might say, privatised companies don't have the best interest of the consumer at heart and will always be looking for bigger profits and dividends payouts for their shareholders. That will always mean that the end consumer will be paying a far higher price and/or the amount of maintainence needed won't be entirely done to cut company costs.
riksowden
Oct. 10th, 2008 09:31 am (UTC)
Yep, after all profit is (at the end of the day) the underlined reason for companies to exist.
angusabranson
Oct. 10th, 2008 09:38 am (UTC)
Which is why I feel certain essential industries that don't have a lot of competition in them (such as electricty, gas and the postal service) should not be commercial companies.
riksowden
Oct. 10th, 2008 09:40 am (UTC)
I can (happily) agree with that. There is a part of me that agrees with some socialist ideals - and nationalised industries, transport, healthcare (etc) is one of them.
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God Emperor - angusabranson - Oct. 10th, 2008 12:18 pm (UTC) - Expand
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dan_g
Oct. 10th, 2008 08:24 am (UTC)
"Will the British fuel companies reverse some of their earlier 35% price hikes now oil is cheaper (one of the reasons they were claiming they had to put the prices up)? Or will it quietly be forgotten and they reap in more profit whilst low-medium wage earners, the unemployed and pensioners worry about switching on their heating this winter?"

Well. Apart from all those people who signed into those 5-year fixed price deals. they are proper-fucked!
timgray
Oct. 10th, 2008 09:11 am (UTC)
In the longer term oil prices are only going up and up, so those fixed prices are probably still a good deal.
spangle_kitten
Oct. 10th, 2008 08:31 am (UTC)
I've driven my car once in about 3 months as I can't afford to feed her 2.3L engine, which is very depressing :(

But fuel prices do tend to go up and then stay up and drop a couple of pence to stop riots, but given the gigantic profits fuel companies and oil suppliers are raking in it's just insulting that the elderly are having to choose to spend thier minimal pension on fuel or food, and really disgusting. These things really need to be regulated.

I read an article written by an economist post the Wall St Crash, and he was saying that self regulation does not work - apparantly we learn from history, but all it really does is repeat itself.
(Deleted comment)
pond823
Oct. 10th, 2008 09:32 am (UTC)
So what time do you finish work? It starts tonight.
philreed
Oct. 10th, 2008 11:18 am (UTC)
Our gas prices are dropping; I paid $3.05/gallon a couple of days ago.
pond823
Oct. 10th, 2008 12:39 pm (UTC)
Luxury! :)
davywavy
Oct. 10th, 2008 02:36 pm (UTC)
I've just had a great idea! Brown could reduce petrol prices by reducing fuel duty, which makes up more then 2/3 of the price of petrol, rather than blaming a crisis of his own creation on other people!

Just saying.
heliograph
Oct. 10th, 2008 02:46 pm (UTC)
Like PhilReed says, prices are dropping in the US. I think the highest I paid this summer (August) was around $4.20, and now prices are generally about a dollar less than that, and dropping fast.
( 45 comments — Leave a comment )

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