National News Petrol prices

[bashamwonderland]

When you know the war in Ukraine has hit oil prices but the UK has suffered more than most due to the fall in the value of the pound again the dollar following the Brexit vote on 23 June 2016 why do you pretend you don't?

1.37 - 1.21 is the difference between GBP and dollar 24 June 2016 and today's date.

1.11 - 1.04 is the difference between Euro and dollar 24 June 2016 and today's date.

Both currencies have weakened.

The pound was back within a penny of its pre 2016 dollar conversion rate as recently as May 2021, after Brexit had already taken place.

The suffering you speak of is minimal. The pound remains more valuable than the Euro. Unfortunately I'm not sure you're going to be able to explain how Brexit has caused the global petrol price crisis but you're welcome to try, or to pretend that it's not worth explaining because you don't know.

 

[QR]

I don’t agree with this one.

As I see it inflation isn’t being driven by people with cash on the hip and just spending money.

The forces at play here are the post Covid hangover with significant shortages of goods and a disruption in movement of freight, coupled with huge uplift in freight costs (probably Brexit being a factor here too) . We also have the Ukraine conflict pushing food and oil prices through the roof, which is having a knock on effect on consumer costs.

Putting interest rates up with any real aggression isn’t going to mitigate these factors.

I think it's fair to say that raising interest rates will have less impact than usual as many drivers are things other than demand but the problem is the Bank of England has a single remit. Not economic growth, not balance of trade, not strength of the pound but inflation. It's primarily task is to keep inflation at our around 2% and its only* tool is interest rates. Given the government recently started to turn on the BoE I can't it doing anything but continually increasing rates if inflation remains stubbornly high.... depending on how independent they truly feel.

*although the BoE also make decisions on the timing of quantitative easy I believe the chancellor set the policy but I'm more than happy to be corrected on this.

 

[SteMerritt]

1.37 - 1.21 is the difference between GBP and dollar 24 June 2016 and today's date.

1.11 - 1.04 is the difference between Euro and dollar 24 June 2016 and today's date.

Both currencies have weakened.

The pound was back within a penny of its pre 2016 dollar conversion rate as recently as May 2021, after Brexit had already taken place.

The suffering you speak of is minimal. The pound remains more valuable than the Euro. Unfortunately I'm not sure you're going to be able to explain how Brexit has caused the global petrol price crisis but you're welcome to try, or to pretend that it's not worth explaining because you don't know.

Interesting post, but why have you selected 24/06/16 as your reference point, rather than 01/01/2020? Presuming the first date was the referendum date, does the same still hold from the actual departure date?

 

[QR]

1.37 - 1.21 is the difference between GBP and dollar 24 June 2016 and today's date.

On 23rd June 2016 our was $1.4893 to the pound! You do like hiding the truth!

 

[bashamwonderland]

Interesting post, but why have you selected 24/06/16 as your reference point, rather than 01/01/2020? Presuming the first date was the referendum date, does the same still hold from the actual departure date?

QR said the vote on 23 June 2016. I gave him an extra day to take into account immediate market shock.

 

[bashamwonderland]

On 23rd June 2016 our was $1.4893 to the pound! You do like hiding the truth!

According to the Google exchange rate widget on Chrome, on 24 June 2016 1.37 GBP bought 1 dollar.

Edit - can you recheck your figures before confirming I was correct.

 

[SteMerritt]

QR said the vote on 23 June 2016. I gave him an extra day to take into account immediate market shock.

Thanks, the toll of trying to keep up with the transfer thread obviously making me take my eye off of this conversation

 

[bashamwonderland]

Thanks, the toll of trying to keep up with the transfer thread obviously making me take my eye off of this conversation

I'm only here because I'm bored of that thread! Was looking for some immediate reaction to the protests today too. Interesting times.

 

[QR]

According to the Google exchange rate widget on Chrome, on 24 June 2016 1.37 GBP bought 1 dollar.

Edit - can you recheck your figures before confirming I was correct.

Yes, it dropped immediately from $1.4893 to $1.37 the day the result came in.

 

[bashamwonderland]

Yes, it dropped immediately from $1.4893 to $1.37 the day the result came in.

exchange rates are fascinating, and I've tried to engage with you over comparative rates over time (demonstrating the comparable joint reduction in the value of EU and GBP against the dollar as a general trend) but I'm really looking for an explanation of how Brexit has caused our petrol price crisis.

If you are able to explain it, I also wonder how the fact that other EU countries are paying more for their petrol factors into your opinion on the subject.

 

[QR]

exchange rates are fascinating, and I've tried to engage with you over comparative rates over time (demonstrating the comparable joint reduction in the value of EU and GBP against the dollar as a general trend) but I'm really looking for an explanation of how Brexit has caused our petrol price crisis.

If you are able to explain it, I also wonder how the fact that other EU countries are paying more for their petrol factors into your opinion on the subject.

Can you point me to a single person who has claimed Brexit has caused the petrol price crisis (rather than exacerbated it)? If you can, ask them!

 

[Peterdev]

I don’t agree with this one.

As I see it inflation isn’t being driven by people with cash on the hip and just spending money.

The forces at play here are the post Covid hangover with significant shortages of goods and a disruption in movement of freight, coupled with huge uplift in freight costs (probably Brexit being a factor here too) . We also have the Ukraine conflict pushing food and oil prices through the roof, which is having a knock on effect on consumer costs.

Putting interest rates up with any real aggression isn’t going to mitigate these factors.

I agree to some extent what you’re saying. USA put up their interest rates by 3/4% and have set a benchmark. We will have to eventually catch up. Inflation will really rip if we don’t.
The hope is inflationary pressures are short term although not many economists agree on that

 

[Essexyellows]

When you know the war in Ukraine has hit oil prices but the UK has suffered more than most due to the fall in the value of the pound again the dollar following the Brexit vote on 23 June 2016 why do you pretend you don't?

Can you point me to a single person who has claimed Brexit has caused the petrol price crisis (rather than exacerbated it)? If you can, ask them!

Came pretty close.

Anyway, it's good for climate change etc if folk use less.

Greta is happy.

 

[QR]

Came pretty close.

Anyway, it's good for climate change etc if folk use less.

Greta is happy.

When you know the war in Ukraine has hit oil prices but the UK has suffered more than most due to the fall in the value of the pound again the dollar following the Brexit vote on 23 June 2016 why do you pretend you don't?

 

[Sheik djibouti]

Came pretty close.

Anyway, it's good for climate change etc if folk use less.

Greta is happy.

It's not like it is going to cause a big shift to EV either, given that energy prices are high across the board.

Not to mention the stupid price of EV's, rubbish range, inadequate charging infrastructure, extortionate prices of installing private charging points and dubious manufacturing provenance for EV's.

Stay at home and use technology if you can. Use public transport or cycle/walk where possible. More than ever...is your journey really necessary??

I also find it more than a little silly when one of the reasons cited for the astronomical rise in prices is that production has not met demand as the world has come out of lockdown.
So the oil industry was incapable of getting ahead of the game to meet that very predictable rise in demand was it????

Riiiight.

The supply "issue" has been engineered by the oil industry (yet again) as a profiteering exercise, nothing more.

The same goes for the unwillingness of other producers to up production to cover Russia's output. They could cover it tomorrow, but won't whilst there are obscene profits to be made by restricting supply and we sit back begging for our addiction to be fed.

 

[Oslernorth]

exchange rates are fascinating, and I've tried to engage with you over comparative rates over time (demonstrating the comparable joint reduction in the value of EU and GBP against the dollar as a general trend) but I'm really looking for an explanation of how Brexit has caused our petrol price crisis.

If you are able to explain it, I also wonder how the fact that other EU countries are paying more for their petrol factors into your opinion on the subject.

Brexit hasn’t caused worldwide fuel hikes. It just leaves the UK more exposed because of the drop in the pound.

If the Dollar was still around 1.48 to the pound, Fuel would cost around £1.55 per litre. (Calculation based on fuel now being £1.90 per litre)

 

[Essexyellows]

It's not like it is going to cause a big shift to EV either, given that energy prices are high across the board.

Not to mention the stupid price of EV's, rubbish range, inadequate charging infrastructure, extortionate prices of installing private charging points and dubious manufacturing provenance for EV's.

Stay at home and use technology if you can. Use public transport or cycle/walk where possible. More than ever...is your journey really necessary??

I also find it more than a little silly when one of the reasons cited for the astronomical rise in prices is that production has not met demand as the world has come out of lockdown.
So the oil industry was incapable of getting ahead of the game to meet that very predictable rise in demand was it????

Riiiight.

The supply "issue" has been engineered by the oil industry (yet again) as a profiteering exercise, nothing more.

The same goes for the unwillingness of other producers to up production to cover Russia's output. They could cover it tomorrow, but won't whilst there are obscene profits to be made by restricting supply and we sit back begging for our addiction to be fed.

I wholeheartedly agree with you.

 

[Sheik djibouti]

I wholeheartedly agree with you.

Yeah, but...think on[emoji6]

"Bicycle is the slow death of the planet."

A banker made the economists think this when he said:

“A cyclist is a disaster for the country’s economy: he doesn’t buy cars and doesn’t borrow money to buy. He don't pay insurance policies. Don't buy fuel, don't pay to have the car serviced, and no repairs needed. He doesn't use paid parking. Doesn't cause any major accidents. No need for multi-lane highways.

He is not getting obese.

Healthy people are not necessary or useful to the economy. They are not buying the medicine. They dont go to hospitals or doctors.

They add nothing to the country's GDP.

"On the contrary, each new McDonald’s store creates at least 30 jobs—actually 10 cardiologists, 10 dentists, 10 dietitians and nutritionists—obviously as well as the people who work in the store itself."

Choose wisely: a bike or a McDonald's? It's something to think about.

~ Emeric Sillo

PS: walking is even worse. Pedestrians don't even buy a bicycle!

*Posted by Jessica Maria Dwyer on Linkedin (https://www.linkedin.com/in/jessdwyer/)

 

[MC Yellow]

Not to mention the stupid price of EV's, rubbish range, inadequate charging infrastructure, extortionate prices of installing private charging points and dubious manufacturing provenance for EV's.

Superhub launched in Oxford’s Redbridge Park and Ride that can charge 42 EVs at once

Pivot Power and partners have launched a 10 Megawatts rapid charging superhub in Oxford that can charge 42 vehicles at

www.whichev.net

I see this goes live today. Will be interesting to see how this rolls out.

 

[QR]

Yeah, but...think on[emoji6]

"Bicycle is the slow death of the planet."

A banker made the economists think this when he said:

“A cyclist is a disaster for the country’s economy: he doesn’t buy cars and doesn’t borrow money to buy. He don't pay insurance policies. Don't buy fuel, don't pay to have the car serviced, and no repairs needed. He doesn't use paid parking. Doesn't cause any major accidents. No need for multi-lane highways.

He is not getting obese.

Healthy people are not necessary or useful to the economy. They are not buying the medicine. They dont go to hospitals or doctors.

They add nothing to the country's GDP.

"On the contrary, each new McDonald’s store creates at least 30 jobs—actually 10 cardiologists, 10 dentists, 10 dietitians and nutritionists—obviously as well as the people who work in the store itself."

Choose wisely: a bike or a McDonald's? It's something to think about.

~ Emeric Sillo

PS: walking is even worse. Pedestrians don't even buy a bicycle!

*Posted by Jessica Maria Dwyer on Linkedin (https://www.linkedin.com/in/jessdwyer/)

Economic growth, good or bad?

It enriches people but a minority v it is fast destroying the planet.

Planned economies anyone? Them dammed commies!

Discuss.