UK, What will happen with fuel prices?

Question

It can't keep on going up, can it? Does it worry you?

Answer 1

The word is that fuel prices will continue on up.  I heard one NYSE pundit on TV a while back, predicting that the oil price could reach $300pb by November/December 2008 - but, hey, he could just be a speculator, right?  No.  I think he may be right, sadly.

The only advice I can offer is to cut back on fuel use.  I have reduced my annual motoring miles down to under 1,000 - so that's a start in cutting my own cost.  

It's easy for me to cut down on motoring, I live in London and have free travel on London Transport.  It's not so easy for folk living out there in the sticks who might have no alternative.

Look at it like this.

When the M1 opened in 1959 there were 2,000,000 cars in the UK.  In 2008 there are an estimates 28,000,000 cars.  Same roads, same capacity, but now we're gridlocked.

IS YOUR JOURNEY REALLY NECESSARY?

Other thing we've done at home is take out all the light bulbs and replace them with low power bulbs of the 8-volt type - just as bright and efficient but a fraction of the cost and with a life span of about 3 years instead of 1,000 hours.

We've also just had our loft insulated.  Cannot do cavity walls as the house is solid brick.

There is something that pensioners can do and that's get out of the house in winter and go off to the shopping centre where it's reasonably warm.  There's also the library and my local pub which in winter is full of pensioners clutching a day long pint.

Poor darlings.

Answer 2

did you know that oil reached a record high today $143 a barrel - expect petrol to go up a few pence AGAIN!

Answer 3

not looking to good is it.

Answer 4

Because of world oil prices fuel is likely to stay high.   If it does, it will (hopefully) teach us to adjust our selfish lifestyles.

Answer 5

Come on, it IS going to go up.

Until Gordon cuts fuel duty tax, the price is only going to ascend.

Answer 6

Speculation is why it is going on, Why the governments of the world cant fix it tells you how we are led by them, seams like we have people who ruined banks like Barings filling their pockets.  Iam a Tory capitalist but there must be limits to how  we can can control obscene greed.

Answer 7

It will level off but keep going up as predicted . I just hope its soon

Answer 8

I don`t think the government is really bothered how high they go   - we are caught between a rock and a hard place.

The government is committed to lower carbon emissions..........and our congested roads have long been a problem.

Talk about credit crunch  - I think we are facing a fuel-crunch!

Basically, all this is a battle between us staying solvent (via taxes) and cleaning up world pollution.  Less traffic=cleaner air- less tax=income for the goverment.

It does not take a genuis to see what`s happening.

Answer 9

It will, it's all out war.

Answer 10

The oil price still has some more momentum - it will keep going up for a while.

Answer 11

Hi Smarty Pants,

As the price goes up - the demand will fall -  obviously we can't afford it and we will have to learn to get by with less fuel.

Now then, as demand drops - the price will stabalize. Everything is controlled by the demand.

Answer 12

Since I ditched HMP UK last year, it doesn't worry me, however I can't believe how much it is over there!!Seriously what a rip off!!!And what's this rubbish about it being the fault of the Chinese?Over half of their oil needs are catered for by their own supplies in China!What b*llsh*t you hear in the media in the UK.

Yes I think it will keep going up due to the fact that Government are happy to rake in as much money as possible from the TWO taxes that you pay at the pump, and even though there are alternatives the funny thing is you don't see any major moves by Government to promote them do you???Also it is making countries like Saudi an absolute fortune in revenue, and the oil producing nations are happy with the staus quo, until people start demanding less oil..which should lead to diminishing profits..

Here in Dubai, it is paradise, no taxes and £3 to fill up my Mazda 6 from empty...

EDIT: Yep I think it would be cheaper for you to come out here and build your own house from scratch by the sea, as one of the contributors have said it ain't called "rip-off Britain" for nothing!

Answer 13

Prices never come down they only go up. In 5 years time expect to be paying £2 a litre if not more. Although at £2 it's still a bargain considering bottled pop and bottled water is around that mark now.

Does it worry me? no, as I'm not foolish enough to drive a car, although I have to unfortunatly use the ghastly Peasant Shuttle (Stagecoach Buses) and their prices are no better.

All in all expect the fuel prices to continue to go up, as nothing ever comes down in price, they may stabalise or fluctuate but never go down.

Answer 14

The problem is, that given the economics of the country, the Government cannot afford to drop fuel tax.

As pointed out above figures show a drop of £28 million a day in tax on tobacco products. There is an average of 4 pubs a day closing down with the loss of revenue on alcohol and there is an average of £50 million a week disappearing from the British economy to other EU countries sent there by foreign workers in the UK plus that being sent outside the EU by other immigrants.

The shortfall has to come from somewhere. The oil companies will continue to increase the price and the Government will continue to reap the benefits. It's not known as "rip off Britain" for nothing

Answer 15

Speculators will ensure the price stays as high as possible, as they did with the housing markets - so they will do with the energy market - I'm surprised it's taken them until now to focus on this lucrative money earner.

And yes it does concern me on many levels.

Answer 16

There is a way to stop it rising......the entire population of this country who are an employee go on strike...but who's going to organise it??

I'll be up for joining in, that's for sure..

Answer 17

Do you remember last July when everywhere went none smoking? Well due to the decline in smoking revenue from excise duty has fallen by almost £28m a day!

I know the government took this into consideration and a small minority of people were saying before the ban. Enjoy the clean air and remember nothing comes without a cost.