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Crude Oil Prices..

Slowpoke

By Slowpoke,
in Western Australia

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Slowpoke Proficient

Slowpoke

Posted
Posted

Hi everyone,

Just wondering if anyone noticed.. but the price of crude oil has pretty much fallen drastically compared to a few months ago when it was at $147 per barrel.. and we were paying between $1.55 to $1.65 p/litre of unleaded petrol..

But the price of crude oil is now at $104 per barrel.. but I notice the pumps are only at like $1.40 to $1.49(sometimes) p/litre for unleaded petrol.. I was kinda expecting it to fall into the $1.30's mark..

Any comments?

Cheers,

Bernard

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drifitz Apprentice

drifitz

Posted
Posted

I would have to agree with you....

I have been watching the price of oil since it hit its record high $147 P/B, and its only gone down since then. Funny enough, our petrol prices are still up there, like you pointed out.

I think the price of fuel has to fall more, it just cant stay this high for no apparent reason?

My best bet would be that oil companies are out there to empty our pockets while they can, and get away with it.

Oh by the way, oil is at $109 a barrel and I post this.....

There are 117.347765 Litres per barrel - so technically oil companies are buying it under $1 a litre, obviously there are government charges to be added ontop of that, but still we pay $1.40 ?

Its not right :banana:

ix9 Grand Master

ix9

Posted
Posted
It would probably take a couple of months for it to go down that much.

I'm pretty sure there is a direct correlation between the cost of a barrel vs. daily petrol price to a SMALL percentage.

Here's a fancy graph showing the lag between barrel price vs petrol price.

http://www.whatprice.co.uk/petrol-prices/petrol-oil.html

After all we are in WA, the very end of the earth.

Most major refineries are based on the west coast, ie. Kwinana. Distance shouldn't have anything to do with it anyway :P

Marco-R34GTT Grand Master

Marco-R34GTT

Posted
Posted (edited)

Well if you consider that approximately 60% of oil would come from the M.E (Saudi, Iraq, Iran, Oman, U.A.E, Dubai ect) and Africa (Egypt, Libya, Nigeria, Morrocco ect), it would be easier, in a logistical sense, to ship it to Australia's west coast than it would be to ship it to our east coast.

Edited by Marco-R34GTT
Slowpoke Proficient

Slowpoke

Posted
  • Author
Posted
Watch the singapore fuel market...

Within a few weeks perth will follow it.

Besides.. this is a skyline forum! who cares about price of fuel! just put it in!

Shhhhh :P I don't have a skyline now DO I? :P

nah, just curious as why the fuel prices are still quite high :P

abd_33 Explorer

abd_33

Posted
Posted

The price at the pumps has nothgin to do with the aussie dollar being cheap or expensive. There is currently a crude oil surplus in the world which means that a Litre should not exceed $1.20 max. The reason behind high prices is government taxes. Aussie and US governments charge like $0.90 tax per Litre and regardless of the barrel price of crude oil, the price at the pump will not go down unless greedy governments stop charging rediculous taxes.

There you have it.... :3some:

Marco-R34GTT Grand Master

Marco-R34GTT

Posted
Posted
The price at the pumps has nothgin to do with the aussie dollar being cheap or expensive. There is currently a crude oil surplus in the world which means that a Litre should not exceed $1.20 max. The reason behind high prices is government taxes. Aussie and US governments charge like $0.90 tax per Litre and regardless of the barrel price of crude oil, the price at the pump will not go down unless greedy governments stop charging rediculous taxes.

There you have it....

Well firstly, just saying that "Exchange rates having nothing to do with oil prices" is rubbish, we are a net importer of oil, most international oil purchases/exchanges are done in US dollars, hence therefore, if the AUD is stronger against the USD, then we achieve a higher buying power per dollar. It makes imports generally more affordable, fuel is no exception from this rule.

Secondly, we really don't get charged that much, ever been to Europe??? They were paying $2.00 a litre when we were paying $0.70... If anything, having too low taxes in the USA and Australia have made us extremely dependend on oil and hasn't forced us to become more energy efficient... We never had to be, now we do, and we aren't ready..

KeeFy Mentor

KeeFy

Posted
Posted
Well firstly, just saying that "Exchange rates having nothing to do with oil prices" is rubbish, we are a net importer of oil, most international oil purchases/exchanges are done in US dollars, hence therefore, if the AUD is stronger against the USD, then we achieve a higher buying power per dollar. It makes imports generally more affordable, fuel is no exception from this rule.

Secondly, we really don't get charged that much, ever been to Europe??? They were paying $2.00 a litre when we were paying $0.70... If anything, having too low taxes in the USA and Australia have made us extremely dependend on oil and hasn't forced us to become more energy efficient... We never had to be, now we do, and we aren't ready..

Agreed. Exchange rates does affect the prices. There are many other factors that are involved as well. Like the company's hedge and stuff.

Stinky Rooster Grand Master

Stinky Rooster

Posted
Posted
Well if you consider that approximately 60% of oil would come from the M.E (Saudi, Iraq, Iran, Oman, U.A.E, Dubai ect) and Africa (Egypt, Libya, Nigeria, Morrocco ect), it would be easier, in a logistical sense, to ship it to Australia's west coast than it would be to ship it to our east coast.

Nope - Australia produces about 60-70% of its own oil (which is actually a better grade of crude than most places) and the rest is imported via the singapore exchange (hence the effect of the exchange rate on petrol in australia) . The actual amount of M.E. oil in Oz is somewhere between nil and bugger all.

Oh, and WA only has 1 oil refinery - set to crack the crappest grade of crude there is, funnily enough.

Marco-R34GTT Grand Master

Marco-R34GTT

Posted
Posted

That is impossible, the lion's share of our reserves are in the Bass Straight, and we've capped those as a national/strategic reserve...

Aside from NWS and Gibson Desert... Where else are we getting oil from???

changi Community Regular

changi

Posted
Posted
I would have to agree with you....

I have been watching the price of oil since it hit its record high $147 P/B, and its only gone down since then. Funny enough, our petrol prices are still up there, like you pointed out.

I think the price of fuel has to fall more, it just cant stay this high for no apparent reason?

My best bet would be that oil companies are out there to empty our pockets while they can, and get away with it.

Oh by the way, oil is at $109 a barrel and I post this.....

There are 117.347765 Litres per barrel - so technically oil companies are buying it under $1 a litre, obviously there are government charges to be added ontop of that, but still we pay $1.40 ?

Its not right :(

there is not 117 litres of petrol in a batrrel of oil; once refining takes place that 117 litres is split into different products; ie petrol, oils, greases etc.

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