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Thread: Oil price hits 4-year high

  1. #1

    Oil price hits 4-year high

    Live oil prices: https://oilprice.com/

    The benchmark WTI crude is trading above $70 a barrel for the first time since November 2014. Oil is the the world's most important commodity and is a big driver of inflation.

  2. #2

    Re: Oil price hits 4-year high

    Buy Bitcoins ...

  3. #3

    Re: Oil price hits 4-year high

    The end of the world is nigh. The death planet Nibiru is sucking all our oil up.

  4. #4

    Re: Oil price hits 4-year high

    Getting back to inflation, this time the UK variety, cumulatively since 2009 CPI rose 26.2%. It rose significantly more measured in the broader RPI index. Obviously, those whose income failed to keep pace with inflation have become poorer in real terms.

    The pound and all other currencies are supposed to be a means of exchange and a store of value, but absent of very brief periods of deflation their purchasing power constantly erode.

  5. #5

    Re: Oil price hits 4-year high

    Quote Originally Posted by Organ Morgan. View Post
    Getting back to inflation, this time the UK variety, cumulatively since 2009 CPI rose 26.2%. It rose significantly more measured in the broader RPI index. Obviously, those whose income failed to keep pace with inflation have become poorer in real terms.

    The pound and all other currencies are supposed to be a means of exchange and a store of value, but absent of very brief periods of deflation their purchasing power constantly erode.
    The days of empire are well and truly over, and the EU has had it's day. Look east to see where the new powers are emerging.

  6. #6

    Re: Oil price hits 4-year high

    East, West, it matters not when it comes to draining the purchasing power of their citizens' money via inflation because all have fiat currencies that are backed by nothing.

    In Argentina, where the official inflation rate stands at 25%, they raised the base rate three times in a week from 27.5% to 40%. In nearby Venezuela their inflation rate is increasing daily by, believe it or not, 270% every fecking day! Iran's rial is in the early stages of going the same way. Citizens there risk being shot if they have the temerity to hold the equivalent of $10,000 US dollars or more in any other currency. People mistakenly believe similar couldn't happen here.

  7. #7

    Re: Oil price hits 4-year high

    Socialist heaven, Venezuela.

  8. #8

    Re: Oil price hits 4-year high

    I changed my car 6 months ago from Diesel to Petrol, would have gotten the same car but beginning to think I should have hedged with diesel again, another 20 years min left in it yet I would guess. Government isn't being clear with their policy

  9. #9

    Re: Oil price hits 4-year high

    Quote Originally Posted by Organ Morgan. View Post
    East, West, it matters not when it comes to draining the purchasing power of their citizens' money via inflation because all have fiat currencies that are backed by nothing.

    In Argentina, where the official inflation rate stands at 25%, they raised the base rate three times in a week from 27.5% to 40%. In nearby Venezuela their inflation rate is increasing daily by, believe it or not, 270% every fecking day! Iran's rial is in the early stages of going the same way. Citizens there risk being shot if they have the temerity to hold the equivalent of $10,000 US dollars or more in any other currency. People mistakenly believe similar couldn't happen here.
    It's 3200 miles between Caracas and Buenos Aires as the crow flies. By comparison its 2400 miles from London to Timbuktu.

  10. #10

    Re: Oil price hits 4-year high

    Quote Originally Posted by Nick View Post
    Socialist heaven, Venezuela.
    I'm forever reading about everyday life in Venezuela. What I haven't been able to discover is how the state manages to command the loyalty of its muscle when annual inflation's running at an estimated 39,000% and the economy's reverted to barter. I'm assuming the army and police have become wholly corrupt and rob whatever they can from the citizenry, but there must be slim pickings to be had these days.

  11. #11

    Re: Oil price hits 4-year high

    Quote Originally Posted by cyril evans awaydays View Post
    It's 3200 miles between Caracas and Buenos Aires as the crow flies. By comparison its 2400 miles from London to Timbuktu.
    I know they're in the same continent and that's good enough for me, so there.

  12. #12

    Re: Oil price hits 4-year high

    Boris is in the USA as we speak, he'll sort it.

  13. #13

    Re: Oil price hits 4-year high

    Some news relating to subjects touched in this thread. There was a Bloomberg story yesterday that said huge numbers of the Venezuelan military have deserted, so many that the imminent polls there are in danger as security cannot be guaranteed. Argentina has rushed with a begging bowl in hand to the IMF for a $30B loan. Oil price has thus far jumped 3% since Trump's Iran deal announcement yesterday.

  14. #14

    Re: Oil price hits 4-year high

    Stay at home , ride a bike ,buy an allotment ,brew your own beer , live the real socialist dream .

    Forget all these capitalist dreams and tools ,its only making one angry ,and full of hatred, of the western capitalist world .

  15. #15

    Re: Oil price hits 4-year high

    Heating up in Syria as Israel launched a bombing blitz overnight.

    Israel strikes Iranian targets in Syria in response to rocket fire: http://www.bbc.co.uk/news/world-middle-east-44063022

    Next Monday marks the 70th anniversary of the foundation of Israel, and the next day is the start of this year's month of Ramadan. Are we a matter of days away from it all kicking off? Fill those petrol tanks up.

  16. #16

    Re: Oil price hits 4-year high

    I note USA sanctions are not effecting Irans oil.

    It seems weird filling our tanks, to arm others to kiĺl and mame.

  17. #17

    Re: Oil price hits 4-year high

    Iran's oil has been keeping the price down since their sanctions ended hasn't it?
    I know a few who have lost their jobs in that industry as exploration and drilling become uneconomical.
    Who gains if Iran becomes a pariah state again? At a guess, our friends the Saudis, the Russians and I'm sure Israel wouldn't be displeased about it either.

  18. #18

    Re: Oil price hits 4-year high

    Wouldn't it be nice if Israel stopped aggression and got rid of it weapons In a voluntary way .

  19. #19

    Re: Oil price hits 4-year high

    Forecasts were set at $65 average at the beginning of the year, revised to $75 and now looks like they'll be revisiting these estimates again if the growth continues. Over 10% jump in the last month, but the market especially on Brent is choppy.

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