Petrol Prices

[brainiac]

With the news that the cost of oil around the world is plummeting, and in the US has dropped below zero - at one point today it was minus $40 a barrel - let's hope this fall is reflected in the price we pay for petrol in the UK. Didn't seem to be a when I put some petrol in my car today.

Unfortunately the price here cannot go below 70p per litre, even if the suppliers gave it away, as there is 57.95p duty, plus 11.5p in VAT.

https://www.bbc.co.uk/news/business-52350082

[sevenOP]

Gromit
Where did you get "In 2010 the US were producing 40 Billion barrels. Now they produce 200 Billion barrels" from.
Are you talking about millions or billions and are your barrels daily production figures ?

"So the Saudis and Russia set a low oil price Below the US shale oil extraction cost (hoping to make it unviable). " ???? so the MSM
'narrative' that the Saudis asked the Russians to cut Russian production and the Russians refused so the Saudis ramped up production in retaliation was all fantasy ?

You do realise that oil powers the global economy, and the fantasy financial economy would collapse without this oil power?
( and the sham $ global reserve currency extortion)

https://www.eia.gov/tools/faqs/faq.php?id=709&;t=6

https://www.eia.gov/todayinenergy/images/2020.03.02/main.svg