Thursday, February 24, 2011

Petrol to Hit £6.50 a Gallon: Middle East Crisis Hits Supplies

As the violence in Libya continued, oil companies suspended operations and began pulling their staff out, prompting the danger of a shortage of supplies.

Pump prices would rise from their current 128.95p per litre for petrol to 142.95p per litre if the oil price rose to $150 a barrel as feared.

Peter Carroll, founder of the campaign group FairFuelUK, said that in 2008 oil prices hit $147 a barrel when there was no shortage.'


1 comment:

  1. It is absurd that we put up with the pathetic analysis of these issues. The Libyans situation is merely the straw breaking the camels back. What, if Gaddaffi was still securely in charge would oil be back at $20 a barrel? No. The daily reporting and commentary on markets and commodities suits no one but the gamblers in suits who spend their days clipping the ticket… as well as being parasitic their focus on daily or hourly shifts blinds us to the important issues with these essential resources. No government would be forcing their people to invest in the profligate hydrocarbon use that the RoNS mean if we were having a real debate about the likely future availability and cost of oil.


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