Oil price hits another new high

[nedflanders]

http://news.bbc.co.uk/1/hi/business/7414093.st m

With the governemt coining in extra billions in extra tax & VAT due to the record petrol prices which in turn fuels inflation, isnt it ****ing infuriating that the governor of the bank of England has to write to the chancellor to explain why inflation is more than 3%.

Whats the chance of them capping the duty? Haha ignore that last question

Revolution anyone?

[Gromit]

The Daily Mail says I will pay an additional �250 a year for petrol, which is slightly worrying as I do not have a car.

[cazzz1975]

capping the duty??? dont you mean cutting the duty.....?

[R1Geezer]

The inflation figure is boll0x anyway, they take out anything that makes it rise. Take the basket of goods as it was 10 years ago and inflation is 7%!

[nedflanders]

yeah R1 but they compare the stats month on month, not over the last 10 years!
If it keeps going you'll need to downsize to a 600cc fazer.

[naky-nag-nat]

...or a unicycle ;o(

[jake-the-peg]

It's unlikely that they will as escallating prices are acting as a driver to cut carbon emissions which is another objective and one which has been looking increasingly difficult to meet.

[sg]

Change the record, deddly!

[Booldawg]

Ironically it doesnt affect the average Chelsea housewife who drives the kids to school round the corner in a big v8 Range Rover Vogue, they can afford any hike in fuel prices. Its not like the average wage-earner drives around for fun.

[jno]

stop buying petrol. Walk. Tremendously healthy. That will teach those greedy oil majors.

[sp1214]

I wonder how many people have to be put on the scrap heap and businesses go to the wall before this government realises you cannot talk your way out of this crisis but something needs to be done NOW. If there is no money available then withdraw troops from Iraq and Afghanistan and use the �billions from this.

[cazzz1975]

maybe when all the hauliers and small companies go to the wall and they are all claiming unemployment benefits the government may take an interest

[stokemaveric]

as we all know if petrol is expensive then that puts the price of EVERYTHING up ie through transportation costs...i cant understand that a few years ago that we had people blockading oil refineries when the price of petrol threatened to reach 95p a litre,now we are paying �1.15p plus a litre and no one blinks an eye.we just accept being ripped off at the forecourt.........oh well just have to grin and bear it i suppose.......

[ludwig]

Gromit - you will pay another �250 a year for petrol whether you have a car or not. You'll just do it indirectly through the increased cost of groceries, utility bills and other goods.

[jake-the-peg]

Get used to it!

The futures market still has oil going up and up.

With developing countries demanding more and more of their share of the world's oil demand is goint to continue to push up prices.

Cutting tax would only relax the pressure on people to choose more efficient cars.

However a good idea would be to reduce taxation on diesel for hauliers who are operating efficient vehicles.

The EU tried to bring this in 6 years ago but it got squashed by the Government - might be time for a rethink on it.

[Booldawg]

stop buying petrol and going green doesnt really work. As JTP points out, emerging oil hungry nations such as China and India are demanding more and more on the worlds supply. All the easy to access oil fields are pretty much gone so extracting costs alot more at difficult to access sites.

For each Western commuter going green and cycling to work there are 100 people in emerging third world countries buying cars. Oil will never fall below $90 a barrel.

[jno]

I blame all these thirld countries for buying so much oil. My solution would be that people from those countries should migrate here, then the tax on the oil they buy would boost the UK economy, while shortages of manpower would slow down the growth of the countries they came from. Result.

[jno]

obviously, thirld countries are actually third world countries, but I was trying to reduce my carbon footprint by omitting some letters.