Euro at $1.50 Oil at $100

We seem to reached the Future Crash predictions of Euro at $1.50 and Oil above $100.

And not because some dealer wanted to make a name for himself by trading at oil at $100.

So…what does it all mean when a hypothetical “worst case scenario” actually comes to pass?

-Rd

That we always overpredict hoigh or low, which we also predict :wink:

It means we’re all doom and gloom merchants. These two events have only happened because the negativity on the 'pin has caused them to happen. If we would just shut up and let honest optimists get on with it, there would be nothing to see. I hope you’re all happy now. :unamused:

Anyway, does anyone remember what the predictions were if the worst case scenario came true? I remember it being shocking, but not the detail!
The bits I recall:

  • commuting from the arse end of nowhere not viable (heard on the radio this morning, petrol is heading for 1.20 a litre)
  • dollar based exporters in serious jeopardy (who are they, anyway?)

That was easy to predict as oil prices never drop…

Petrol has been over 1.20 a number of times (in certain places - not sure about averages) since Christmas. I paid 121.9 in a Statoil on Monday.

Film industry has been getting the squeeze because of the weak dollar for years now. Off the top of my head this time last year we were about €1-$1.36, so any films / TV shows looking to shoot here this years (e.g. Tudors) see us as 10% more expensive (not adjusted for inflation).

Ssssssssssssssssssssh!..Don’t let that info on oil and dollar rate get out, it’s talking down the economy!

I did pay €1:20 for my petrol too at the weekend.

When you think about it is petrol actually that expensive? How much would a litre of bottled water cost in the same service station? There would not be much of a difference between the two I would imagine. Oil is still no where near as expensive as it needs to be for us to actually start consuming it in a sensible fashion.

Ah!, but is that a comment about Petrol or Bottled Water?

If we got petrol out of a tap, how many people would pay over €1 litre for it?

-Rd

The UK is priced around the €1.40 mark so we probably have a bit of wiggle room left here on fuel prices.

On a related note oil speculators should be killed slowly.

Within a hair’s breadth of 1.52.

1.50 we hardly knew ye.

You should have bought a Diesel. Veg oil is at €0.70/l. :wink:

I run 50% mix in the Landcruiser.

I think its finally time that OPEC switch to the oil standard to the EURO, the US can’t afford to bomb them any more if they did this, in fact, i reckon that Bush’s middle east tour a few weeks back was to tell them ‘don’t think we won’t get you if you try doing that!’

OK, so inflation adjusted Oil is at all time highs compared with the previous high of 1980.

But what was the Punt/Dollar rate back in the 80’s does anyone remember?

Is Oil actually at an all time high for Ireland, or has the weak dollar taken the edge off?

-Rd

It sounds like a lot of you are paying through the nose for petrol! You should use pumps.ie/ to find your local cheap petrol. It is a fantastic service and I hear the owner is a hansom pin member to boot :wink:

This might be a simplistic way of looking at it but with oil priced in dollars and the dollar bombing, does it not cancel itself out to some degree?

Nothing to do with high heeled shoes then. :wink:

Yes, as long as that relationship remains. As the dollar falls oil rises to keep PPP for oil producers. This can only happen when oil supply is tight.

not publicly, no.

Yeh your right. Tonight i passed a Tesco, 1.14 a litre. With all this $100 stuff, i expect it to hike alot.
The petrol stations are quick enough to hike prices but not reduce them when the wholesale price goes down :angry:

There was a reprensative of the Export lobby on George Hook show yesterday, anyway he was saying that the export of goods was in dire straits for the past few years, but this fact was hidden by the booming export of services.
Now however with the downturn in the banking industry, he expects that to fall off, at the same time as the construction industry is having a downturn.

Then they joked about how expensive it for for american tourists to come to Ireland this summer, I’m so glad that they must be only scare mongering because Bertie said everything is fine - well with the economy anyhow, whatever about his finances.