OIL PRICES

Highest Oil Prices for 17 Months
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Duty Rate Increases
March 2010 Budget
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Red or White Diesel?
HMRC has recently issued advice about the types of vehicles that can be powered by red diesel...
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HEATING OIL THEFTS: Police have issued warnings following a pattern of heating oil thefts ...
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OIL PRICE FACTORS: In the old days, the oil price was a relatively simple matter of cost curves, supply and demand. These days, fear is just as likely to set the price as fundamentals.
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Crude Oil Price
Increased volatility in financial markets, ongoing geopolitical tensions and now financial and monetary uncertainties make it more difficult than usual to forecast oil prices. We anticipate...
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Heating Oil Cost Effectiveness
Oil remains the most cost-effective for those without access to the mains gas network.
Click: Oil for Heating
Source: OFTEC
Click: More about heating oil economics for consumers.
Click: A note about Calor Gas "Selective Comparison"
Source: Sheila Hancock of the Federation Of Petroleum Suppliers
How are fuel prices set?
"There are four primary factors that are taken into account when setting the prices; crude costs, refinery costs, taxes and return on capital investment."
What might cause a price increase?
One of the reasons crude prices might rise is because the tensions in the Middle East continue to increase along with concerns about potential interruptions to supply of crude oil in South America and East Africa. Natural disasters and political influences also have an affect.
However the price is also influenced by rapid global economy recovery and the expansion and emergence of burgeoning economies such as China, which increased its crude imports by 35% last year on the previous year.
Increased demand obviously impacts on price and market speculation on future high prices can greatly exaggerate the price increases.
Taxes are also a factor. in the UK tax is 70% of the price whereas in the US it is only 23%.