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worried about the price of petrol?

May 15th 2008 00:15

I am sure we are all in the same boat, with Petrol prices reaching the stratosphere and forecast for MORE increases coming out of broking houses (Goldman Sachs say it could get as high as $200, yikes), we want an Emissions Trading Scheme but we are scared about how much petrol prices will increase. Lets face it the lobbyists are already doing a great job to spook us into thinking our lifestyles are about to go out the window in order to do something about Climate Change.

Well I was at a conference yesterday and finally got the truth about how much Petrol prices will increase at a $30/ tonne price for carbon (that is approximately where it will trade here)

The cost is 6c per litre, yes 6c per litre, look no increase is good, but 6c isn't really that bad in the scheme of things, certianly not worth wasting countless millions of dollars on lobbying for Petrol to be left out. We honestly have felt worse pain over the last five months and to me it seems a small price to pay.

And as Nicholas Stern says

"INACTCION, will be much more expensive in the long run than taking action"

cheers

Louie

photo courtesy of www.morguefile.com

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Comments

12 Comments. [ Add A Comment ]

Comment by RubySoho

May 15th 2008 01:39

Music Zone
Thought Zone

High petrol prices are a double edged sword. On one hand some people really need their cars for work and their families and they will suffer, on the other hand they do encourage the rest of us to seek alternative means of transport.

But yeah, 6 cents a litre probably won't break the bank for most people.

Comment by Market Newbie

May 15th 2008 02:48

Gizmo Peek
Stock Market Punk

Soaring prices of oil affect us in more ways than one. First victims are the car owners who need to move around a lot. Second, is the transport sector which income is correlated with the amount of oil they consume. If they don't earn, people will lose their jobs. If they lose their jobs, they won't have money to buy goods and if they don't buy goods people in the other sectors of society will be affected...

Again, closer to home, high oil prices almost always translate to higher food prices, etc. That brings up inflation, eats up on the value of money, etc.,etc.

What really eats my goat is the fact that this is not the first time that the prices of oil is reaching the sky. Too many powerful people know the ramifications of that. I'm sure, somehow, it already occurred to them that the big oil producing countries can hold the entire world hostage to oil prices. And yet...?

Is it really possible that, with all the brilliant minds in this planet, and with all the resources at the disposal of powerful leaders of rich and poor countries, there is nothing that can be done to lessen the world's dependence on oil?

I wonder what will happen if all the cars in the world (lets leave the trucks first) are running on biofuels and solar powered batteries...

Comment by AmyHuang

May 15th 2008 04:40

Project Job Search
Travel Debate
Travel String
Love Adventures

I am not worried about petrol costs - I am just more worried about the effect of petrol costs - our attempts in making biofuel that eventually puts the world in a rice crisis and wasting more time to try to dig for more reserves of oil... will people start to learn to use public transport now?

Or better - get on a bike

Comment by Louie

May 15th 2008 04:56

randomthoughts
Phil's Wellness Tips

But yeah, 6 cents a litre probably won't break the bank for most people

Yes ruby that's right and if we have an ETs we will have (in theory) a pool of money to invest in a viable substitute that won't leave people starving.....

Comment by Louie

May 15th 2008 04:59

randomthoughts
Phil's Wellness Tips

Market Newbie, you raise some very true issues, i am a tired old mkt veteran so i tend to take all these things as a given...

the irony is, a higher fuel price theoretically spurs more investments in the renewables you mention.... carbon mkts help but a high oil price is the main driver for renewables investment.

I wonder what will happen if all the cars in the world (lets leave the trucks first) are running on biofuels and solar powered batteries...

answer: the world would be a better place

and it doesn't mean the oil price will go down, they will just pump less to keep the price up.......thats if the Russian run out

Comment by Louie

May 15th 2008 05:00

randomthoughts
Phil's Wellness Tips

Amy,

will people start to learn to use public transport now?

I HEAR YOU, I catch the Bus, it sucks, but I do it....... people need to learn to leave their cars at HOME!!!!

Comment by Market Newbie

May 15th 2008 09:43

Gizmo Peek
Stock Market Punk

answer: the world would be a better place and it doesn't mean the oil price will go down, they will just pump less to keep the price up.......thats if the Russian run out
I don't mind if they keep oil prices high, so long as the world does not depend on it.

Like maybe the price of a Lambo or a Ferrari.

Comment by James Rickard

May 15th 2008 22:14

unlucky_ fishermen.com
Angling Fish
Check this out...

I read something weird the other day--with all the rising prices, older pumps can't reflect the new prices. Many older pumps only register up to 3.99. gal. (word out your own per liter) and only go up to $99.99 which prevents filling up many SUV's or RV's. Yes, they can change over for $10,000 a new pump but I THINK there's a band-aid fix for around $650. I forget what the report said.

Comment by Louie

May 15th 2008 23:28

randomthoughts
Phil's Wellness Tips

mkt newbie,

Lambo's or Ferraris are fine as long as they are hybribs

Comment by Louie

May 15th 2008 23:29

randomthoughts
Phil's Wellness Tips

James,
wow, i guess that could be a big problem....$100 bucks to fill up, that would definitely get me on the bus.

Comment by Fobzy

May 16th 2008 00:03

Fobz

No, not really dear, we've plenty of money in the bank and of course we have the horses, and today I'm going to give my old pushbike a whirl, but, with the environment in mind, it's the dearer, the better, isn't it? That'll get everyone walking.