Lorry drivers are planning what they hope will be the biggest fuel protest in London after soaring increases in the cost of petrol and diesel at the pumps.
Their concerns about rocketing prices are shared by the AA which says drivers and businesses are becoming increasingly "desperate".
It issued the alert as crude oil in the US hit a record high of $130 a barrel.
The AA says the average price of diesel rose 6.76p to 124.17p a litre between mid-April and mid-May.
That was the biggest monthly jump of the decade and came just six months after the previous record increase of 5.6p.
The average price of petrol at the pumps has risen 4.49p a litre in the last month, with the cost now 112.55p a litre.
Led by hauliers from Kent, the fuel protest next Tuesday is likely to involve hundreds of trucks which will park in the centre of London, causing traffic chaos.
A delegation will hand in a letter to 10 Downing Street demanding an immediate rebate on duty.
Mike Presneill, a leading member of lobby group Transaction 2007, said: "The Government has the power to act but appears not to be listening.
"Hundreds of UK transport firms are being driven to the wall. Thousands of UK jobs are being lost."
Fuel protest in 2005 Kent-based haulier Peter Knight said: "This is the economics of the mad house. If the Prime Minister doesn't listen the Government will lose out.
AA president Edmund King said: "The price rises in recent days were of a magnitude only exceeded in the aftermath of Hurricane Katrina, when the price of petrol rose almost 3.5p in a week.
"With many UK families embarking on their holidays next week, the timing could hardly be worse."
Sky's Business Editor Michael Wilson said "We're all feeling the pinch as we pay more and more to fill up our cars, heat and light our homes as the cost of energy soars.
"We've had yet more record highs in the price of crude oil, that's only going push up costs for us all."
Good luck to them, this goverment is bringing this country to its knees, the rich are getting richer and the rest are getting poorer,the economic greed has now taken over the country and our PM has not got a clue what to do to steam the increase of the price of everyday needs, how can energy and fuel companies increase their bills above the standard rate of inflation (3%) people will soon be suffering and we will start to see a return of the 70's.
The Duty on Fuel is about 65% they could quite easily reduce this but they just introduce a Hike instead whenever they want whilst the price steadily increases. The Goverment deserve no sympathy on this issue their is NO excuse not to reduce their cut which is the most extortionate in the world.
Im paying at best £1.20 a litre for diesel. It cost almost £90 to fill my car up last week....I know thi is being driven up by the oil markets but it certainly doesnt help when the Govt take every 65p in a £1
The reason that they did say the price increase on petrol was due to the war when oil went over a $100 a barrel, the petrol stations passed that cost onto the general public, the price of oil has since gone below the $100 a barrel mark and the price of petrol still is on the increase, a national disgrace as they know that the country has more cars on its roads now than ever before and that we all need petrol,
unless Oil prices drop and the dollar starts to strengten, then there is little chance of prices at the pumps dropping, so much for the Iraq war lowering petrol prices
Working in haulage for a big firm i always thought we would absolve the costs somehow looks like our purses are being pulled in just come out of meeting with the bosses we are changing suppliers of diesl but we wont be back filling the 3 jobs we had vacant for drivers.
good work mr pm a round of applause for all the help you are giving those that supply this country if it is hitting us hard i would hate to be an independant haulier
Number of factors, and the war in Iraq is very much down the list. Instability in Middle East and African producing nations is a factor, the weak dollar a major factor, but at the end of the day its the same as everything else and a matter of supply and demand. Ever increasing economic expansion in developing countries like China is key, and is signifcantly driving up demand. Demand for oil in China is currently rising at around 15% growth per year. At the same time, market traders have been taking sizeable positions on future direction and are fuelling the market.
Demand for crude over the next 25yrs is projected to rise around 65% to a staggering 140m barrells a day. All this is coupled by OPEC's reluctance to increase production quotas, due to the unsustainable growth in demand.
Its a lose-lose situation currently. OPEC could whack up supply which would bring down prices short-term, but that would only have a short-term impact and is a questionable strategy against satisfying long-term demand.
Crude isn't the only commodity seeing such rise in prices at the moment. Food, rice in particular are seeing massive increases and this is having a far more devasting effect in third-world countries than a few quid and mine and yours unleaded.
What can our government do ?
Well the obvious one is to cut the levy charged, but that levy helps pay for this country. Whether you think what it pays for is correct or not, is purely a matter of personal opinion. But by cutting the levy, then the money would have to be found by rising taxes elsewhere, or the country goes into even greater debt. And neither of those are preferable situations.
you are a feast of knowledge my man you wouldnt think it to look at you :-)
wouldnt matter who was in charge IMO the fuel price would be the same unfortunatly it is something that hits us all but it really isnt nice when you start to loose Jobs because of it,
Fuel and Congestion charge costs us over 3 grand a week
[cite]Posted By: WhenIwasLittleBoy[/cite]the price of oil has since gone below the $100 a barrel mark and the price of petrol still is on the increase, a national disgrace
Nymex and Brent crude rose aboe $130 a barrel today for the first time.
Demand for crude over the next 25yrs is projected to rise around 65% to a staggering 140m barrells a day. All this is coupled by OPEC's reluctance to increase production quotas, due to the unsustainable growth in demand.
...........
Currently there are around 85m barrels of oil produced a day and the world consumes around that amount. Even if Opec produced more oil it wouldn't affect the price of oil too much, there isn't the global refining capacity and the oil tankers etc to transport the stuff. Demand has increased ahead of supply (not just in China but in India and in other emerging nations) and the only way that prices will come down is if we start using less oil, not just in energy consumption but even in basic things around the house/office. Sadly our whole economy is based on carbon fuel consumption and has been for too long. Even if the government reduced the tax take on oil it won't change much.
We need to increase the amount of solar/wind and other renewables, use less energy and wean ourselves off oil.
I don't have any issue with paying my share of duty on my consumption of fuel, as its a valid source of taxation for any Govt.
However when the prices are hitting everyone from single parents to large haulage companies and you see these idiots that (allegedly) are the best people to "steer us through these troubled times", then its hugely gulling when it just gets flushed down a hole to try and shore up their own inept ability to govern and manage this country's finances efficiently.
I was at a meeting 4 years ago when Lee Raymond the CEO of ExxonMobil the Worlds biggest oil company said.The biggest areas for both growth in sales of oil and explorasion for oil are China (possibe 1 billion cars) and Russia.They expect the reservoirs of oil to INCREASE for 30 years before it starts to fall off.THERE IS NO WORLD SHORTAGE OF OIL.
The Government could look at a "windfall tax" on the Oil Companies and Utility Companies. However they may find that these huge mega companies will fight against it and win.
Knowing some of you on here your knowledge on all things really does amaze me that the same folks writing such sense on here are the same folks at footie.
The Goldman's analyst who warned two years ago that we should expect it to rise over $100 a barrel, said a couple of weeks ago that there is a strong possibility of it reaching $150-$200 a barrel over the next 6-24 months. The OPEC president has also supported that view, and those sort of prices have been seen in Dec options.
The recent spike has been attributed to supply disruption in Nigeria, lower output in Russia, and increased China supply. But i personally think that any potential reason is largely used to drive the market higher.
[quote][cite]Posted By: nth london addick[/cite]Knowing some of you on here your knowledge on all things really does amaze me that the same folks writing such sense on here are the same folks at footie.
[cite]Posted By: Goonerhater[/cite]They expect the reservoirs of oil to INCREASE for 30 years before it starts to fall off.THERE IS NO WORLD SHORTAGE OF OIL.
Depends if you see the world only existing for 30 years :-)
The recent spike has been attributed to supply disruption in Nigeria, lower output in Russia, and increased China supply. But i personally think that any potential reason is largely used to drive the market higher.
...........
The balance between supply and demand with the latter increasing all the time means that any disruption to supply will push prices higher, especially on the futures market.
Well the obvious one is to cut the levy charged, but that levy helps pay for this country. Whether you think what it pays for is correct or not, is purely a matter of personal opinion. But by cutting the levy, then the money would have to be found by rising taxes elsewhere, or the country goes into even greater debt. And neither of those are preferable situations.
But why does this money need to found from elsewhere? We are taxed now more than at any time during most people lifetimes, council tax has risen above inflation, fuel duty has risen above inflation, plus the government has invented new income streams (various fines, congestion charges, etc.). All the time services are being cuts, public spending is being cut, so where is all this money going? The problem is not about raising funds it is about the massive missuse and waste of funds at every level of local and central government that is making this country more and more expensive to run. The problem is you can't keep extracting money from the public, money spent on taxes isn't spent in the highstreet on good and services and this kills the economy. We're already seeing public spending slowing, house prices dropping, etc. and there is only more of this to come. The government need to cut taxes to give the ecomony a boost. They'll get it back in income and business taxes if the economy does revive and people start earning and spending more. They need to think long-term, but that is the major problem with politicians and democacy in general, only think as far as the next election, long term is somebody elses problem and we all go down the shitter as one short term policy replaces another.
Where the British government has been culpable is in reducing subsidies for solar panels and other renewable energy projects. In Germany anyone putting solar panels on their houses etc receives back from the energy companies four times the cost of that energy if they were a consumer. Plus there are generous grants and more competition from providers of solar panels/installation. Britain is in last place in Europe for subsidies and grants for solar energy.
The only way the government can cut the duty is to raise taxes elsewhere or to decimate benfits and civil service/public sector jobs. This government can't do any of the aforementioned for political reasons which is why we are in such a sh1t storm. Last chance to get any savings out of sterling chaps because it's a one way bet from here.
AFKA $120 for the last week, in March it was 85c, therefore when everyone begins to create, and our great leader stands up at question time and tells the country he is going to ask oil companies to reduce the price of petrol and they agree to do so it makes no difference because it has only tipped over the $100 rate recently, prior to that it was between 78c and 92c a barrel, and we were paying well over the odds,surely it would be benificial if the goverment suggested that all providers,gas,electricity fuel have a price freeze for two years, then see what there response would be.
Comments
Their concerns about rocketing prices are shared by the AA which says drivers and businesses are becoming increasingly "desperate".
It issued the alert as crude oil in the US hit a record high of $130 a barrel.
The AA says the average price of diesel rose 6.76p to 124.17p a litre between mid-April and mid-May.
That was the biggest monthly jump of the decade and came just six months after the previous record increase of 5.6p.
The average price of petrol at the pumps has risen 4.49p a litre in the last month, with the cost now 112.55p a litre.
Led by hauliers from Kent, the fuel protest next Tuesday is likely to involve hundreds of trucks which will park in the centre of London, causing traffic chaos.
A delegation will hand in a letter to 10 Downing Street demanding an immediate rebate on duty.
Mike Presneill, a leading member of lobby group Transaction 2007, said: "The Government has the power to act but appears not to be listening.
"Hundreds of UK transport firms are being driven to the wall. Thousands of UK jobs are being lost."
Fuel protest in 2005 Kent-based haulier Peter Knight said: "This is the economics of the mad house. If the Prime Minister doesn't listen the Government will lose out.
AA president Edmund King said: "The price rises in recent days were of a magnitude only exceeded in the aftermath of Hurricane Katrina, when the price of petrol rose almost 3.5p in a week.
"With many UK families embarking on their holidays next week, the timing could hardly be worse."
Sky's Business Editor Michael Wilson said "We're all feeling the pinch as we pay more and more to fill up our cars, heat and light our homes as the cost of energy soars.
"We've had yet more record highs in the price of crude oil, that's only going push up costs for us all."
Its crazy they say the cost is going up but all you hear are they are making more and more profit
Surely someone needs to look into the pricing as i think the worlds problems are being used as a excuse to make more profit
good work mr pm a round of applause for all the help you are giving those that supply this country if it is hitting us hard i would hate to be an independant haulier
Number of factors, and the war in Iraq is very much down the list. Instability in Middle East and African producing nations is a factor, the weak dollar a major factor, but at the end of the day its the same as everything else and a matter of supply and demand. Ever increasing economic expansion in developing countries like China is key, and is signifcantly driving up demand. Demand for oil in China is currently rising at around 15% growth per year. At the same time, market traders have been taking sizeable positions on future direction and are fuelling the market.
Demand for crude over the next 25yrs is projected to rise around 65% to a staggering 140m barrells a day. All this is coupled by OPEC's reluctance to increase production quotas, due to the unsustainable growth in demand.
Its a lose-lose situation currently. OPEC could whack up supply which would bring down prices short-term, but that would only have a short-term impact and is a questionable strategy against satisfying long-term demand.
Crude isn't the only commodity seeing such rise in prices at the moment. Food, rice in particular are seeing massive increases and this is having a far more devasting effect in third-world countries than a few quid and mine and yours unleaded.
What can our government do ?
Well the obvious one is to cut the levy charged, but that levy helps pay for this country. Whether you think what it pays for is correct or not, is purely a matter of personal opinion. But by cutting the levy, then the money would have to be found by rising taxes elsewhere, or the country goes into even greater debt. And neither of those are preferable situations.
wouldnt matter who was in charge IMO the fuel price would be the same unfortunatly it is something that hits us all but it really isnt nice when you start to loose Jobs because of it,
Fuel and Congestion charge costs us over 3 grand a week
Iraq is a tiny oil producer.
When British Gas etc announce their new rises , which wil be somewhere in the region of15% --20 % then the sh*t will fly.
Nymex and Brent crude rose aboe $130 a barrel today for the first time.
Which is largely true, hedge funds etc have been massive spec players, but i'm sure there are others on here that could give a better insight.
I know its a business and they have a right to make profits but holding countries to ransom is not on.
We need fuel, they know it, the government knows it and they know they can bend us over a (oil) barrel and we'll pay regardless.
...........
Currently there are around 85m barrels of oil produced a day and the world consumes around that amount. Even if Opec produced more oil it wouldn't affect the price of oil too much, there isn't the global refining capacity and the oil tankers etc to transport the stuff. Demand has increased ahead of supply (not just in China but in India and in other emerging nations) and the only way that prices will come down is if we start using less oil, not just in energy consumption but even in basic things around the house/office. Sadly our whole economy is based on carbon fuel consumption and has been for too long. Even if the government reduced the tax take on oil it won't change much.
We need to increase the amount of solar/wind and other renewables, use less energy and wean ourselves off oil.
However when the prices are hitting everyone from single parents to large haulage companies and you see these idiots that (allegedly) are the best people to "steer us through these troubled times", then its hugely gulling when it just gets flushed down a hole to try and shore up their own inept ability to govern and manage this country's finances efficiently.
The Government could look at a "windfall tax" on the Oil Companies and Utility Companies. However they may find that these huge mega companies will fight against it and win.
what the heck happend to me at school
The Goldman's analyst who warned two years ago that we should expect it to rise over $100 a barrel, said a couple of weeks ago that there is a strong possibility of it reaching $150-$200 a barrel over the next 6-24 months. The OPEC president has also supported that view, and those sort of prices have been seen in Dec options.
The recent spike has been attributed to supply disruption in Nigeria, lower output in Russia, and increased China supply. But i personally think that any potential reason is largely used to drive the market higher.
what the heck happend to me at school[/quote]
Was thinking the same
Depends if you see the world only existing for 30 years :-)
...........
The balance between supply and demand with the latter increasing all the time means that any disruption to supply will push prices higher, especially on the futures market.
But why does this money need to found from elsewhere? We are taxed now more than at any time during most people lifetimes, council tax has risen above inflation, fuel duty has risen above inflation, plus the government has invented new income streams (various fines, congestion charges, etc.). All the time services are being cuts, public spending is being cut, so where is all this money going? The problem is not about raising funds it is about the massive missuse and waste of funds at every level of local and central government that is making this country more and more expensive to run. The problem is you can't keep extracting money from the public, money spent on taxes isn't spent in the highstreet on good and services and this kills the economy. We're already seeing public spending slowing, house prices dropping, etc. and there is only more of this to come. The government need to cut taxes to give the ecomony a boost. They'll get it back in income and business taxes if the economy does revive and people start earning and spending more. They need to think long-term, but that is the major problem with politicians and democacy in general, only think as far as the next election, long term is somebody elses problem and we all go down the shitter as one short term policy replaces another.