Why are petrol prices rocketing skyward again? The price at the pumps is near 2008’s highs, so what’s going on? Back in 2008 the record highs were due to the frenzied stock exchange speculation that led to barrels of oil changing hands 20 times before hitting the market, after everyone had taken their piece of the pie.
But that’s not the case this time as the price of a barrel of oil as recently as last week was $82, well short of 2008’s $148. Could the petrol companies be milking it? Not at all, says chief executive of Maxol Tom Noonan. “There is absolutely no room for padding our margins and the fact of the matter is we are making less money now.”
The Euro has weakened significantly against the Dollar but not anywhere near the level that could cause these prices. The AA’s Conor Faughnan blames the Government, pointing out that there has been 4 fuel tax increases over the last year and a half, including excise increases of 12 cent and a carbon tax of slightly more than 4 cent.
I have my own theory of course. Completely unsubstantiated and purely spectulative, but a theory nonetheless. I reckon one of the big middle east oil monarchs is lining his pockets so that he can go out and buy Liverpool FC and plough money into the transfer market to buy the entire Barcelona midfield to supplement El Nino up front and the Premier League should be heading back to Merseyside around this time next year.
You heard it here first folks!
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