£2 + per litre for petrol announced today!

[tony_danza]

Since when have we ever let the truth get in the way of a good scaremongering story?

[RedRobin]

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I'm with tony_d on this one - Think Positive! Is your petrol tank half-full or half-empty? Mine's always half-full.

[Sunglasses Ron]

Mine's always empty Robin... Not because i'm negative, but because it's Stage 2+

[RedRobin]

^^^^


Then another reason for me to stay on Stage2.

[Janner_Sy]

Mine's always empty Robin... Not because i'm negative, but because it's Stage 2+

[ub7rm]

I work in the oil industry, on the 'get it out of the ground' side of things and I can tell you that there is absolutely no shortage of oil.  They will be taking oil out of the North Sea long after I'm pushing daisies and I'm only in my 20's ...

You know what the threshold for profit on most of the installations in the north sea is? $12 a barrel  Some of the newer installations that are extracting 'difficult' oil are higher at $35-40.  

The reservoirs of old had to be abandoned when about 30% - 40% had been extracted and the technology now exists to get and get most of the rest out.  Of course this technology has a cost but its not why oil is so expensive today.  In fact its mostly a mystery, speculation would be my best guess.  All those reckless bankers have moved into commodities I think!

[Janner_Sy]

drilling for oil stops the sea rising, so its the cure for climate change

i think im correct in saying when the extract the oil, to stop the creation of a void under the sea when they remove the oil they replace it with seawater.  \So all this melting ice caps is just a minor issue, extract more oil and fill it up with water.  problem solved.  

[RedRobin]

I work in the oil industry, on the 'get it out of the ground' side of things and I can tell you that there is absolutely no shortage of oil.  They will be taking oil out of the North Sea long after I'm pushing daisies and I'm only in my 20's ...

....That's what I've heard too and I don't work in the oil industry. I've also heard that further untapped reservoirs of oil are under The Arctic.

[Hurdy]

Mike's idea of a V10 upgrade sounds tempting

10k miles a year at 15mpg and £2 a litre = £6608 a year in fuel

If the cost of a V10 comes down by £5k as a result of fuel costs that means a years motoring would only have cost you £1,608 - or the equivalent of making fuel 48p a litre for a year

This is all assuming that the V10 doesn't fall in value  by another £5k in the year you have it due to fuel getting to £3 a litre

[tony_danza]

Man maths FTW.

Same happened when road tax went up, some woman was on the news bleating she'd just bought a Range Rover and had to sell it taking a £4k hit because she couldn't afford the extra couple of hundred pounds a year.

So long as fools walk the Earth, others will prosper!

[ILoveTuna]

Best news ever, if i waste more money on fuel it will force me to drink and gamble less... Result!! 

[94Luke]

Well that's me keeping my scooter then 

Yes my chemistry teacher told me that oil won't run out for a loooooooonng time, it's just going to get horrifically expensive when demand outstrips supply.

Also going with UB7RM, a lot of oil wells out there actually have a lot of oil left in them but we just couldn't/can't access it... yet.

[RedRobin]

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Another upside of high petrol costs is that we might see less other traffic on the roads.

[94Luke]

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Another upside of high petrol costs is that we might see less other traffic on the roads.

Yes and no. Less cars maybe, but a hell of a lot more motorbikes/scooters!

[ub7rm]

drilling for oil stops the sea rising, so its the cure for climate change

i think im correct in saying when the extract the oil, to stop the creation of a void under the sea when they remove the oil they replace it with seawater.  \So all this melting ice caps is just a minor issue, extract more oil and fill it up with water.  problem solved.  

Water or gas is used to displace the oil out.  There was a scheme to use the CO2 generated at power stations as lift gas and in turn capturing the CO2 under the sea.  It was technically feasible and the oil co's were up for it (look at how green we are sort of wheeze) but as it involved some government funding the scheme ended up being scrapped.