RedM Posted March 6, 2011 Share Posted March 6, 2011 I think they produce about 1.7 million barrels per day (currently at half that) with world production at 72(ish) million per day. I think I can see where you're going but it isn't as simple as that. Quote Link to comment Share on other sites More sharing options...
dude Posted March 6, 2011 Share Posted March 6, 2011 Enough to cause a big price hike. Just found this from 2006 but page 4-5 mentions 100 billion barrels potential. http://www.unitedworld-usa.com/pdf/libya.pdf We all know the west will not let this run and run, sooner or later they will go sort it out so you can't tell me within 10days the oil companies are saying oh we need to put oil up!!!!! And what chance of it going back down when they ping Gaddaffi Quote Link to comment Share on other sites More sharing options...
Morpheus Posted March 6, 2011 Share Posted March 6, 2011 This might help if you can read the figures. Looks a bit rough. http://www.oyetimes.com/business/44-markets/9734-muammars-oil-libyas-contribution-to-the-worlds-oil-picture Quote Link to comment Share on other sites More sharing options...
RedM Posted March 6, 2011 Share Posted March 6, 2011 This might help if you can read the figures. Looks a bit rough. http://www.oyetimes.com/business/44-markets/9734-muammars-oil-libyas-contribution-to-the-worlds-oil-picture That is for oil reserves not production. Just in case anyone gets confused with the millions/billions thing. Quote Link to comment Share on other sites More sharing options...
imi Posted March 6, 2011 Share Posted March 6, 2011 Sensationalism, if it went to £2 a litre people would not be able to get to work ther country would grinfd to halt and there would be civil unrest (which may be a good idea) cant get to work, stay at home and claim benefits.... its not the petrol companies its the fu****g government, lost the revenue from cigs so getting it wherever they can to pay for the war !!!!!!! not sure how much of it is the Govt's fault, the fact of the matter is that Oil & Gas companies seem to be exempt from any increase in the cost of their resources (their record profits even today are proof of that). Same applies to Banks - we're the mugs that feel the hit - not them. sometimes I feel that the Govt is there to rule over us and the banks and energy companies rule the govts. Quote Link to comment Share on other sites More sharing options...
Morpheus Posted March 6, 2011 Share Posted March 6, 2011 We all know the west will not let this run and run, sooner or later they will go sort it out so you can't tell me within 10days the oil companies are saying oh we need to put oil up!!!!! And what chance of it going back down when they ping Gaddaffi The oil market responds instantly to all opportunities to move the price, either way. It's called price volatility. This price movement creates profit opportunity if you cause the price to move or know which way it's headed. Buy low, sell high or vice versa. The underlying supply/demand fundamentals will push prices higher, inevitably in the long term. Shorter term, say months or years, even decades, it's been deliberately manipulated for other reasons, not only profit. They have enough money already. Control is the name of the game. Quote Link to comment Share on other sites More sharing options...
RedM Posted March 6, 2011 Share Posted March 6, 2011 Sensationalism, if it went to £2 a litre people would not be able to get to work ther country would grinfd to halt and there would be civil unrest (which may be a good idea), I think that what is actually expected to happen is that people will continue to pay for fuel at the expense of pretty much everything else. That's luxury goods, eating out, basically anything other than the essentials. This'll have an impact on the economy in that it won't grow as 'predicted' by the Tories. There was a good article about this earlier in the week. I'm struggling to remember where I read it. Quote Link to comment Share on other sites More sharing options...
Morpheus Posted March 6, 2011 Share Posted March 6, 2011 ...sometimes I feel that the Govt is there to rule over us and the banks and energy companies rule the govts. You got it. Quote Link to comment Share on other sites More sharing options...
imi Posted March 9, 2011 Share Posted March 9, 2011 http://www.bbc.co.uk/news/magazine-12664047 Quote Link to comment Share on other sites More sharing options...
martini Posted March 9, 2011 Share Posted March 9, 2011 One key change appears to be that people are making fewer journeys, although how much is due to fuel consumption is difficult to say Great article Honestly, the BBC is full of such horseshit, it's as bad as the Mail, Sun and the rest of them. Quote Link to comment Share on other sites More sharing options...
tbourner Posted March 9, 2011 Share Posted March 9, 2011 I've got a scooter for sale, 80mpg and £4 to fill it up! Quote Link to comment Share on other sites More sharing options...
Gaz6002 Posted March 9, 2011 Share Posted March 9, 2011 Great article Honestly, the BBC is full of such horseshit, it's as bad as the Mail, Sun and the rest of them. especially the online content. It's very amateurish. Quote Link to comment Share on other sites More sharing options...
imi Posted March 9, 2011 Share Posted March 9, 2011 the comments make for interesting reading "Add your comment...Nice of the government to review the 1p increase in duty. Perhaps people forget that for every 10p that the price goes up, the goverment gets 2p extra in VAT anyway" and "Out of a 126.9p litre, 41.8p is the cost of the product, 21.15p is VAT, 58.95p is duty & 5p is for the retailer/distributor. So 63% of the price is tax" and "I came to the conclusion that the price of driving will keep on rising no matter what we drive. If everybody were to drive a 100mpg car, the government would lose revenue - then put the price up to recoup the loss. So we would end up paying the same anyway. The drop in revenue from the sale of cigarettes and alcohol will have to be made up by a rise in fuel duty." think we are seeing this with the price increase with LPG. and one of my favourites "My car has an average fuel consumption display. I now watch this instead of the road." LOL Quote Link to comment Share on other sites More sharing options...
japke_mk4 Posted March 9, 2011 Share Posted March 9, 2011 in belgium stands the feul 1.64 euro and on the news say that it is becaus tax :s 55 procent on the feul :s maybe iff the tax go down it will be beter ! Quote Link to comment Share on other sites More sharing options...
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