Friday September 18, 2020

Oil on the boil, again

Why do you pay so much for fuel?

4th July, 2009

The main driver of fuel retail prices is the price of crude oil.

This was traditionally driven by the physical balance of supply and demand. But nowadays, there are 16 financial trades for every barrel burnt. So the crude price is now determined by financial players. Some are legitimate hedgers, like Aer Lingus, but most are speculators affected by geopolitical factors. With the collapse of confidence in the dollar, oil is seen as a ‘hard...

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