I'm beginning to worry about my spooky ability to predict things. A while back I warned that the Iranian situation would spike oil prices and effect the supply chain - well guess what - Iran has stopped sales of oil to the UK and France. While this is a broadly symbolic political gesture as we don't buy much oil from the increasingly isolated state, speculators have seen the market shut-down as a reason to stock-pile reserves and cause prices to rise. Brent crude hit $120.70 recently - its highest level since last June and the oil boys say it'll climb even further. Even though the Saudis are producing more oil than they have in the last 30 years global demand is increasing and there's clear signs that banks and hedge-funds are buying up crude again. They know that market jitters over possible Israeli intervention will be a catalyst to drive prices higher.While Greece is the only market heavily dependent on Iranian crude (they buy 35% of their oil needs) I can feel the ripples of uncertainty destabilising the whole European market. We can expect aggressive speculator activity that could add another $10 a barrel in the next month.
And that's why FairFuel needs you to come to London on the 7th of March. Our unprecedented mass lobby of Parliament will be a badly-needed wake up call to MPs and Treasury mandarins that we need to manage the forthcoming oil price war by reducing fuel duty as soon as possible. We simply can't let these speculator-driven market manipulations drive up pump prices and reduce consumer disposable income in the UK. Ignoring these geopolitical shifts will cost our economy dear so we need to react decisively right now.
Join us in London and tell your MP that we need a strategy to contain fuel prices before they mushroom out of control and diesel hits £1.55 a litre.
I will be there on March 7th, so please come and join me to lobby MPs about cutting fuel duty NOW!
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ADD YOUR OWN COMMENTS BELOW THIS POST. THEY ARE VERY WELCOME
[ posted by Fred Bloggs, February 20, 2012 12:17 ]
Never mind the 7th of March, that is over 2 weeks away. We need action right NOW!
[ posted by sean flynn, February 20, 2012 18:19 ]
its really simple ,lower the vat duty on fuel and the economy instantly gets a kick start ,transport cost go down ,business picks up ,people have more money to spend on other things . how much simpler do you need it to be
[ posted by Jimbob, February 20, 2012 21:55 ]
With what is going on in iran right now the government need an emergency fuel duty cut. It was bad enough in the 70's with the oil crisis. Speculators as usual pulling a fast buck out of the situation. We need a cut of at least 30p per litre to get the country moving again, but the MP's still have their heads stuck firmly in the sand hoping the issues go away. Its going to be hell unless the treasury realise fuel duty is do unjustly high, not to mention the double scam of charging VAT in top!