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Petrol Price Drop

Community Veteran
Posts: 18,545
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Registered: 12-08-2007

Petrol Price Drop

I paid 103.9p a litre for petrol today at Tesco. I hear ASDA is charging 101.7p and it is forecast to drop under £1 soon.
The price drop is caused by the over production of fuel around the world and OPEC deciding not to cut production.. This situation will be exaggerated soon as Iran will be supplying oil as well.
The price of oil tumbled below the $40 a barrel mark this week for the first time since February 2009. Twelve months ago a barrel cost $65 and in June 2014 it was $115.
It's good news for motorists especially with Christmas around the corner.
56 REPLIES
Community Veteran
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Registered: 04-08-2009

Re: Petrol Price Drop

Some forecasters are predicting 20 dollars a barrel next year.
Community Veteran
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Registered: 12-08-2007

Re: Petrol Price Drop

The price is also under pressure due to America becoming more self sufficient. Maybe it's something we should do.
Mal08
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Registered: 20-08-2008

Re: Petrol Price Drop

Well the problem for our oil industry is that the price is too low now for the investment to extract harder to reach areas of the North sea and North Atlantic off Shetlands etc.
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Re: Petrol Price Drop

Won't the disrupted supply of ISIS oil cause a reduction in supplies Lips are sealed
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Community Veteran
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Re: Petrol Price Drop

ISIS will certainly have had their source of finance drastically reduced Smiley
Community Veteran
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Re: Petrol Price Drop

@Strat....  I think the answer to that is that Iraq and the Saudis have sufficient output for any reductions elsewhere not to really have an effect.

http://energyfuse.org/why-the-syrian-war-is-not-pushing-up-oil-prices/
beeceegee
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Re: Petrol Price Drop

Quote from: Strat
...disrupted supply of ISIS oil cause a reduction in supplies Lips are sealed

It certainly will in Turkey  Roll eyes
Community Veteran
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Re: Petrol Price Drop

This is excellent news. Now how many gallons can I legally store at home?  Cheesy
Joking aside, this has cheered me up a bit as a car we've had sitting around for 6.5 years is due to go on the road again in January (hopefully) so it would be nice to fill it up and take it out for a bit of enjoyment.
I need a new signature... i'm bored of the old one!
nanotm
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Re: Petrol Price Drop

the current regulatory guidance can be found here http://www.hse.gov.uk/fireandexplosion/petrol-storage-club-association.htm
just because your paranoid doesn't mean they aren't out to get you
Community Veteran
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Re: Petrol Price Drop

Funny... that says you can store up to 30 litres... but the lasti looked it was 20  Huh
I need a new signature... i'm bored of the old one!
nanotm
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Re: Petrol Price Drop

well the legislation they take it from has some other terms and conditions
Quote
Storage of petrol in domestic or other relevant premises
13.—(1) A person keeps petrol in compliance with this regulation if the petrol—
(a)
is kept in domestic or other relevant premises;
.
(b)
is kept otherwise than for sale; and
.
(c)
is kept—
.
(i)
in accordance with paragraph 1 or 2 of Schedule 2; or
.
(ii)
where there is a valid licence authorising the keeping of petrol granted by the petroleum enforcement authority under regulation 14, in accordance with that licence.
.
(2) A person keeps petrol in compliance with this regulation if the person keeps no more than 500 millilitres of petrol in a suitable container that is securely stopped, in the circumstances described in paragraph (1)(a) and (b), whether or not the person also keeps petrol pursuant to paragraph (1)(c).
(3) Petrol kept pursuant to paragraph (2) is not to be counted towards the amount of petrol kept in a storage place in accordance with Schedule 2.

so in theory you can keep a total of 30.5 litres without needing a licence http://www.legislation.gov.uk/uksi/2014/1637/contents/made
or as much as you can get a licence for from the petroleum enforcement agency
but yeah unless your local council has other local rules it would seem its 30 litres in any combination of 2 approved fuel cans and up to half a litre it a suitable half litre container ...
just because your paranoid doesn't mean they aren't out to get you
Community Veteran
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Re: Petrol Price Drop

So if you fill your car petrol tank and park in your garage you are breaking the rules? When I fill it usually takes at least 50 litres.
Now Zen, but a +Net residue.
Community Veteran
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Re: Petrol Price Drop

Yes, in the same way that eating pork is cannibalism due to the genetic closeness of humans and pigs... Grin
nanotm
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Re: Petrol Price Drop

Quote from: AlaricAdair
So if you fill your car petrol tank and park in your garage you are breaking the rules? When I fill it usually takes at least 50 litres.

or note
Quote
Does the petrol in the fuel tank of my car count towards the total I can store?
No – the petrol in the fuel tank of your vehicle, including boats and aircraft, does not count when you are calculating the total amount you are storing
just because your paranoid doesn't mean they aren't out to get you