Look back over the past, with its changing empires that rose and fell, and you can foresee the future too.

— Marcus Aurelius


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Tuesday, February 28, 2012

Crude oil and petrol prices

Well after filling up the car a week and a half ago at 1.41€ per litre, and yesterday noticed that it has now gone up to 1.44€ a litre a 2.12 % increase in under 2 weeks!

So the increase is all blamed on rising crude oil prices ..HOWEVER in July 2007 crude oil was at a record 180 $ per barrel, and prices at the pump reached the low 130's (centimos) per litre...

Look at the graph below you can see that prices at the pump dropped when crude oil dropped , BUT since then have raced ahead of crude oil prices

The blue line = prices at pump
Since Jan 09 crude oil has been rangebound roughly 80-110 USD per barrel, yet the prices at the pump have continued to rise....

As usual Europeans continue to pay through the nose for petrol and governments continue to rake in tax revenues the higher it goes...

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