Petrol prices
Aug 20th 2012, 10:26 pm
#1
Lost in BE Cyberspace
Thread Starter
Joined: Apr 2004
Posts: 10,375
Petrol prices
Just seen it go up to $155.9
3 weeks ago we were buying at $122.9.
The 155.9 prices is similar to when oil was about $124.00 a barrel, about $30 higher than now, the aussie dollar was much weaker then too.
And yes I know it costs more in the UK before anyone starts the predictable...
Coles and Woolworth issue a few 8c a litre discount coupons and wham it goes up 30C
Coincidence??
3 weeks ago we were buying at $122.9.
The 155.9 prices is similar to when oil was about $124.00 a barrel, about $30 higher than now, the aussie dollar was much weaker then too.
And yes I know it costs more in the UK before anyone starts the predictable...
Coles and Woolworth issue a few 8c a litre discount coupons and wham it goes up 30C
Coincidence??
Last edited by jad n rich; Aug 20th 2012 at 10:28 pm.
Aug 20th 2012, 10:37 pm
#2
snɐןɔ ʎʇıuɐs
Joined: Nov 2006
Posts: 6,558
Re: Petrol prices
Just seen it go up to $155.9
3 weeks ago we were buying at $122.9.
The 155.9 prices is similar to when oil was about $124.00 a barrel, about $30 higher than now, the aussie dollar was much weaker then too.
And yes I know it costs more in the UK before anyone starts the predictable...
Coles and Woolworth issue a few 8c a litre discount coupons and wham it goes up 30C Coincidence??
3 weeks ago we were buying at $122.9.
The 155.9 prices is similar to when oil was about $124.00 a barrel, about $30 higher than now, the aussie dollar was much weaker then too.
And yes I know it costs more in the UK before anyone starts the predictable...
Coles and Woolworth issue a few 8c a litre discount coupons and wham it goes up 30C
Coincidence??
That's not to say the pump price doesn't have a fair amount of fraud and collusion built into it. They play a variety of games to extract more money from the motorist. The only way to fix it is government action, even the threat of government action (which was why the price dropped so low recently, apparently).
Aug 20th 2012, 10:42 pm
#3
Lost in BE Cyberspace
Thread Starter
Joined: Apr 2004
Posts: 10,375
Re: Petrol prices
Actually the price is currently about $113-116 - don't be seduced by those quotes of the WTI price, its meaningless and has nothing to do with anything.
http://www.aip.com.au/pricing/images/platts_aus.png
That's not to say the pump price doesn't have a fair amount of fraud and collusion built into it. They play a variety of games to extract more money from the motorist. The only way to fix it is government action, even the threat of government action (which was why the price dropped so low recently, apparently).
http://www.aip.com.au/pricing/images/platts_aus.png
That's not to say the pump price doesn't have a fair amount of fraud and collusion built into it. They play a variety of games to extract more money from the motorist. The only way to fix it is government action, even the threat of government action (which was why the price dropped so low recently, apparently).
Right dont watch the local news at work
it had the financials with oil at $94 a barrel.So a 33c price rise, taking into account my petrol purchases, and in that time from the chart, petrol went up $3 a barrel.
That's an even bigger rip off.
We used to have a lot of independents round here, all casualties or sold out to Coles and Woolworth.
Last edited by jad n rich; Aug 20th 2012 at 10:50 pm.
Aug 20th 2012, 10:57 pm
#4
Banned
Joined: Jul 2012
Posts: 3,300
Re: Petrol prices
Just seen it go up to $155.9
3 weeks ago we were buying at $122.9.
The 155.9 prices is similar to when oil was about $124.00 a barrel, about $30 higher than now, the aussie dollar was much weaker then too.
And yes I know it costs more in the UK before anyone starts the predictable...
Coles and Woolworth issue a few 8c a litre discount coupons and wham it goes up 30C Coincidence??
3 weeks ago we were buying at $122.9.
The 155.9 prices is similar to when oil was about $124.00 a barrel, about $30 higher than now, the aussie dollar was much weaker then too.
And yes I know it costs more in the UK before anyone starts the predictable...
Coles and Woolworth issue a few 8c a litre discount coupons and wham it goes up 30C
Coincidence??
Aug 20th 2012, 10:58 pm
#5
Full Throttle
Joined: Mar 2005
Location: here
Posts: 1,728
Re: Petrol prices
Right dont watch the local news at work it had the financials with oil at $94 a barrel.
So a 33c price rise, taking into account my petrol purchases, and in that time from the chart, petrol went up $3 a barrel.
That's an even bigger rip off.
We used to have a lot of independents round here, all casualties or sold out to Coles and Woolworth.
it had the financials with oil at $94 a barrel.So a 33c price rise, taking into account my petrol purchases, and in that time from the chart, petrol went up $3 a barrel.
That's an even bigger rip off.
We used to have a lot of independents round here, all casualties or sold out to Coles and Woolworth.
What bugs me is that it is 12c per litre more expensive (in the same brand stations) where I live than some petrol stations I see on my train commute into work...
However, this can flip around almost overnight to make it cheaper at home - all for no apparent reason.
The huge sudden differences, with no apparent market forces are what frustrate me...
Aug 20th 2012, 11:08 pm
#6
snɐןɔ ʎʇıuɐs
Joined: Nov 2006
Posts: 6,558
Re: Petrol prices
People keep quoting WTI - West Texas Intermediate, as some kind of global oil price. Fact is its the spot price paid at Cushing in the US - a landlocked location that was original setup as a good central point for the US oil refining, etc. That was 40 years ago.
It continues to exist, but mainly on oil pumped to it via pipelines. In particular the Keystone pipeline, that is the only exist route for oil from the Alberta tar sands. Now, via dint of polluting the environment and using up water, they have been inching up their production over the last decade (~3Mbpd currently). They are now trying to ship so much oil down that pipeline that its more than the refineries at Cushing can take - so the spot price at Cushing takes a dive relative to the world price - and a 'spread' opens up.
From 2011 onwards the spread went from near zero to $20 and beyond. Needless to say, the price of petrol was still tied to the world (Brent) price - and the refineries at Cushing made a tidy profit because they had Alberta over a barrel (hem hem).
As such, you should never use the WTI as any more than an indication that they haven't yet fixed the pipeline problem. The vested interests may have put a crimp on the Keystone XL pipeline, but in reality via other tricks, and the bits of the pipeline that are still being built, the oil from Alberta will reach the Gulf Coast. When that happens, the WTI price pings back to the world price and the spread collapses back to zero.
Here endith the rant.
About the only time the petrol price is right is around the bottom of the australian petrol price ripoff cycle. The rest of the time they are making excess profit off people that have to fill up now, or don't know how its varying. As I say, the government should step in and ban the practice - it's pure rip off, as is the 4c litre 'discount'.
Aug 20th 2012, 11:14 pm
#8
Lost in BE Cyberspace
Thread Starter
Joined: Apr 2004
Posts: 10,375
Re: Petrol prices
It's a pet peeve of mine.
People keep quoting WTI - West Texas Intermediate, as some kind of global oil price. Fact is its the spot price paid at Cushing in the US - a landlocked location that was original setup as a good central point for the US oil refining, etc. That was 40 years ago.
It continues to exist, but mainly on oil pumped to it via pipelines. In particular the Keystone pipeline, that is the only exist route for oil from the Alberta tar sands. Now, via dint of polluting the environment and using up water, they have been inching up their production over the last decade (~3Mbpd currently). They are now trying to ship so much oil down that pipeline that its more than the refineries at Cushing can take - so the spot price at Cushing takes a dive relative to the world price - and a 'spread' opens up.
http://www.tradingfloor.com/images/b...706497fcfd.png
From 2011 onwards the spread went from near zero to $20 and beyond. Needless to say, the price of petrol was still tied to the world (Brent) price - and the refineries at Cushing made a tidy profit because they had Alberta over a barrel (hem hem).
As such, you should never use the WTI as any more than an indication that they haven't yet fixed the pipeline problem. The vested interests may have put a crimp on the Keystone XL pipeline, but in reality via other tricks, and the bits of the pipeline that are still being built, the oil from Alberta will reach the Gulf Coast. When that happens, the WTI price pings back to the world price and the spread collapses back to zero.
Here endith the rant.
About the only time the petrol price is right is around the bottom of the australian petrol price ripoff cycle. The rest of the time they are making excess profit off people that have to fill up now, or don't know how its varying. As I say, the government should step in and ban the practice - it's pure rip off, as is the 4c litre 'discount'.
People keep quoting WTI - West Texas Intermediate, as some kind of global oil price. Fact is its the spot price paid at Cushing in the US - a landlocked location that was original setup as a good central point for the US oil refining, etc. That was 40 years ago.
It continues to exist, but mainly on oil pumped to it via pipelines. In particular the Keystone pipeline, that is the only exist route for oil from the Alberta tar sands. Now, via dint of polluting the environment and using up water, they have been inching up their production over the last decade (~3Mbpd currently). They are now trying to ship so much oil down that pipeline that its more than the refineries at Cushing can take - so the spot price at Cushing takes a dive relative to the world price - and a 'spread' opens up.
http://www.tradingfloor.com/images/b...706497fcfd.png
From 2011 onwards the spread went from near zero to $20 and beyond. Needless to say, the price of petrol was still tied to the world (Brent) price - and the refineries at Cushing made a tidy profit because they had Alberta over a barrel (hem hem).
As such, you should never use the WTI as any more than an indication that they haven't yet fixed the pipeline problem. The vested interests may have put a crimp on the Keystone XL pipeline, but in reality via other tricks, and the bits of the pipeline that are still being built, the oil from Alberta will reach the Gulf Coast. When that happens, the WTI price pings back to the world price and the spread collapses back to zero.
Here endith the rant.
About the only time the petrol price is right is around the bottom of the australian petrol price ripoff cycle. The rest of the time they are making excess profit off people that have to fill up now, or don't know how its varying. As I say, the government should step in and ban the practice - it's pure rip off, as is the 4c litre 'discount'.
Notice the local news is among many quoting the barrel price that way, even The Australian Newspaper has it at $95.
Last edited by jad n rich; Aug 20th 2012 at 11:22 pm.
Aug 21st 2012, 1:49 am
#9
Proudly Deplorable
Joined: May 2003
Location: Alloha snack bar
Posts: 24,246
Re: Petrol prices
Cheapest ULP in Perth today is 135.1, average is 140.7
Cheapest proper fuel, B20 bio-diesel, is 141.5
Cheapest proper fuel, B20 bio-diesel, is 141.5
Aug 21st 2012, 2:25 am
#10
snɐןɔ ʎʇıuɐs
Joined: Nov 2006
Posts: 6,558
Re: Petrol prices
Reporters - if they knew what they were talking about, they'd be dangerous.
You wait till the pipeline to the gulf coast gets sorted and the WTI snaps back - their will be a deluge of "why has the oil price jumped".
Tapis has looked like this over the last 5 years :
which I'd say has matched pump prices fairly well.
Aug 21st 2012, 2:52 am
#11
Banned
Joined: Jul 2012
Posts: 3,300
Re: Petrol prices
Hence the peeve.
Reporters - if they knew what they were talking about, they'd be dangerous.
You wait till the pipeline to the gulf coast gets sorted and the WTI snaps back - their will be a deluge of "why has the oil price jumped".
Tapis has looked like this over the last 5 years :
http://www.moneymorning.com.au/images/mmw20120324a.jpg
which I'd say has matched pump prices fairly well.
Reporters - if they knew what they were talking about, they'd be dangerous.
You wait till the pipeline to the gulf coast gets sorted and the WTI snaps back - their will be a deluge of "why has the oil price jumped".
Tapis has looked like this over the last 5 years :
http://www.moneymorning.com.au/images/mmw20120324a.jpg
which I'd say has matched pump prices fairly well.
Aug 21st 2012, 3:23 am
#12
snɐןɔ ʎʇıuɐs
Joined: Nov 2006
Posts: 6,558
Re: Petrol prices
Thanks !
BTW the Cushing > Gulf Coast extension is due for completion mid/late 2013. Not sure it will unwind all the spread without the other bits of Keystone XL, but given the current WTI price, I'd assume the headlines will be north of $110 by then, unless we have another GFC first...
BTW the Cushing > Gulf Coast extension is due for completion mid/late 2013. Not sure it will unwind all the spread without the other bits of Keystone XL, but given the current WTI price, I'd assume the headlines will be north of $110 by then, unless we have another GFC first...
Aug 21st 2012, 7:29 am
#13
Crazy Cat Lady
Joined: Apr 2004
Posts: 65,493
Re: Petrol prices
Price per barrel is totally irrelevant. Local Caltex - Sunday 142.9. Monday AM 155.9. Monday PM 132.9. Tuesday AM 154.9. Logic? Husband's spitting feathers as he got some on the way to work Monday AM. He's also naffed off because I filled up Monday PM. 
