Fuel Price - what’s yours right now?

[mayevora]

I know this is a complete false economy right now as nearly nobody is traveling. I have gone from putting £25 per day in the car to zero.

Here’s my nearest today. Any guessing on how low it’ll get?

 

[Sparky]

£102.7 at our local Asda, and I'm sure we'll see below a quid.  They'll claim its the low oil price...

[mayevora]

Mate in Canada told me today theirs has dropped to 34p per litre for 67p a month ago.

[Dan E]

I paid £1.33 today as everyone was queuing but one pump was only premium so I filled it up there 😳

[Bazza 907]

LavAzza car wash?

[mayevora]

Free coffee with every wash 😜

[ramjet]

Lowest it has been here in a long time as well.

[Spinney]

No idea what it is round here as I haven’t left the house for days. ☹️

[comem47]

I know that prices were dropping , but was shocked to see regular going for $1.79 a few towns over. (recently I paid about $2.50 in my town). It's like 1998 again.

 

 

[910Esprit]

Presumably due to oversupply & reduced demand, petrol is now 1.02 per litre round here.  

[ramjet]

Under 0.90AUD in certain garages here. 

[oilmagnet477]

Morrisons diesel earlier this week in North Suffolk was £1.08/lt

It's like the last 20yrs didn't happen!

[NedaSay]

I'm at 1.179 CAD because I live in a mountain resort town in British Columbia but people living 1 hour away enjoy much cheaper gas, 94.5 cts in Salmon Arm and as low as 73.9 cts in Prince George. in the meantime,  people from Edmonton (Alberta ) do enjoy 58.9 cts but it is all a big joke as nobody can't go anywhere.

[KAS-118]

Lat Saturday I filled mine up at £1.299 per litre - that was BP Ultimate 

[Mark030358]

So if you work in the Oil and Gas industry like me you know what this means.... massive job cuts and companies going bust. <$20/barrel and everyone will feel it..

 

I suppose clouds and silver linings to some....

[C8RKH]

Isn't this the problem with companies these days though? Why don't put the reserves (cash) in the bank during the good days to tide them over during the bad

Oil companies are bonkers, as soon as the price goes up they forget about efficiency, good old fashioned incremental savings, putting something aside for a rainy day, it's spend, spend, spend cos' the times they are are a good.  There is a reason Aberdeen has as many, if not millionaires and Ferrari's, Lambo's and the like as London. Cos' a lot of the workers in the Oil get the big cheques then blow it. When we had the down turn up here a few years ago many were all crying about how tough it was - well, again, maybe if they'd have been more prudent it wouldn't have hit as hard. These are the "permanent" ones by the way, not the contractors.

BA - telling the govt. don't give Virgin Atlantic "subsidies or support" as we've got £9bn in the bank so all is good - won't talk about the fact air crew who are still flying are being told to "argue with the hotels on checkout" to get the tray service taken off your room service bills (given they are quarantined in their hotel rooms with no other choice than room service, that's just real nice of BA).

Me, I'd be loving it a £1 a litre if I could just damnwell get out in my Evora and VX220 and burn it.  The other good news though is that hole in the Ozone layer has now practically re-healed itself after the actions taken those many years ago re CFC's etc.

 

[LotusLeftLotusRight]

You’re right about the oil patch companies. I have seen it so many times over the past 20 odd years. Always boom or bust. No forward planning. Not that this situation is their fault, but we don’t need as much of the stuff at the moment. That happens in all industries. They should think of this as a good thing: the reserves will last a bit longer!

[esprit22]

Not really important as we public have been banned from going out anyway!!

[calvan]

5 hours ago, NedaSay said:

I'm at 1.179 CAD because I live in a mountain resort town in British Columbia but people living 1 hour away enjoy much cheaper gas, 94.5 cts in Salmon Arm and as low as 73.9 cts in Prince George. in the meantime,  people from Edmonton (Alberta ) do enjoy 58.9 cts but it is all a big joke as nobody can't go anywhere.

I filled up about an hour ago, regular was CDN$1.005/l. Cheapest I've seen for a while, as the metro Vancouver area generally has extortionate pricing if perhaps not quite as bad as Revelstoke. The 94 octane I put in the Elise was, I think 1.24/l. 

I've heard it is a bit lower in more outlying areas but even in normal times I don't seethe sense in driving 25 km each was for a few cents per litre.

 

[Mark030358]

Oh dear..... I guess from the comments above you have no idea how much it costs to build an oil and gas facility... its not like making pencils. I doubt there will be many North Sea oil rigs making Money at <$20/barrel. There are two types of producer NOC’s and IOC’s. When the NOC’s start pumping for “free” then it hits badly the IOC’s who don’t have limitless amounts of cash. 

I have worked oh a few big new ones....

$13Billion Crude Oil Facility

$12 Billion Gas to Liquids

$35 Billion LNG

$60 Billion LNG

Plus a load of other in betweenies...

enjoy the “cheap” fuel while it lasts......

[LotusLeftLotusRight]

The oil price has been over $60 per barrel for most of the past 2 years. It’s really only the past month or so that it’s crashed to $20+. Some of that due to politics and the rest due to simple lack of demand in the CV-19 world, so it probably won’t recover any time soon. If we don’t need it, we won’t be buying it: doesn’t matter what the oil price is. As stated above, the Oil companies and producing countries are happy to cream off the massive profits when times are good, but amongst the first to bleat and lay people off when business declines. The Chancellor will step in this time to keep their employees fed. Sure North Sea oil is much more expensive to extract than traditional oilfields, but we’ve been through bad times before and are still there. I remember going to the Aberdeen Offshore Europe trade fair in the late 1990s. There was a seminar taking place called “How to survive and prosper in the sub $10 per barrel world”. I guess we are effectively back in a similar position.

Also from a UK state point of view, successive Governments have frittered away all that North Sea oil taxation since the early 1980s. In comparison Norway has invested theirs and has a very nice little nest egg for a rainy day. That day has probably come.

[C8RKH]

8 hours ago, Mark030358 said:

Oh dear..... I guess from the comments above you have no idea how much it costs to build an oil and gas facility...

Actually Mark I do and your defensive response is so common from those in the industry. You do know the level of tax payer subsidies have been handed over in the past 60years just for the North Sea don't you?

Most large majors, I understand, need around 30-33USD per barrel to break even so the past 2 years has been OK, whilst it was up at 135+USD per barrel they were laughing. Just think, USD 100 per barrel profit on what, 100m barrels per day? Do the maths there and it is easy to see that you are right, it's not like making pencils and the profit / potential to fund asset development is huge.

I stand by my earlier comments, boom or bust, no proper planning in or out of the cycle.

[Mark030358]

This  is so true. >>> “Also from a UK state point of view, successive Governments have frittered away all that North Sea oil taxation since the early 1980s. In comparison Norway has invested theirs and has a very nice little nest egg for a rainy day. That day has probably come”<<<

 

 

[Mark030358]

1 minute ago, C8RKH said:

Actually Mark I do and your defensive response is so common from those in the industry. You do know the level of tax payer subsidies have been handed over in the past 60years just for the North Sea don't you?

Most large majors, I understand, need around 30-33USD per barrel to break even so the past 2 years has been OK, whilst it was up at 135+USD per barrel they were laughing. Just think, USD 100 per barrel profit on what, 100m barrels per day? Do the maths there and it is easy to see that you are right, it's not like making pencils and the profit / potential to fund asset development is huge.

I stand by my earlier comments, boom or bust, no proper planning in or out of the cycle.

I have mainly worked overseas in O&G for what people call “Super Majors” and the one I worked for the most was super efficient. I worked in Houston for two years through 2014/2015/2016 and when the crash came the amount of projects that got canned and people thrown out of work was unreal, same as the 80’s. Yes its a risky business and yes its profitable. The $135 you quote was for a short time in 2008, but don’t forget that cash just does not go to the IOC’s as usually there a PSA’s in place where the NOC’s take a fair chunk. Then there is tax etc etc but you know that, and tax is used by governments to support the population. At the moment I’m working out of Algeria and oil/gas revenue is their biggest earner. With a 50 million+ population this will be devastating for their economy and people living there, as the revenues are spent on the people and I really feel for them as I have many many good friends there now.

TBH O&G has been great to me, I have zero worries and I too stand by my comments that a cheap litre of fuel, although welcome, has serious knock on consequences.

cheers

Mark

ps this a good natured discussion by the way 👍 just my point of view.

[C8RKH]

2 hours ago, Mark030358 said:

ps this a good natured discussion by the way 👍 just my point of view.

Absolutely!  I'm not saying they are bad companies, just that they do little to try to "smooth" the impact of the boom and bust cycle.

I've made a good living from Energy (and Utility) companies over the years too so do appreciate their business!