Quote: Originally Posted by z3r010
The pound has devalued 25% against the dollar over the last 12 months, so it's not really rocket science why fuel that is traded in dollars is more expensive
Futures in Petrol / Oil aren't normally traded 12 months in advance -- 90 days is usual in this market and large volumes are traded on the ROTTERDAM Market (The world leader in Petroleum Exchange Trading) for 1 and 2 months as well.
I could understand why prices SHOULD have perhaps been higher 6 months ago -- they weren't actually -- but why just NOW prices are rocketing is a BIG mystery.
The Pound VS the Dollar has been fine in the last 6 Months.
Actually in any case -- but another issue -- people should buy HUGE amounts when the price is low and store it -- Germany and France do this very successfully -- the UK doesn't have large storage facilities so this solution isn't possible.
BTW While I dislike the Icelandic Banks just as much as anybody -- it is still a bit irresponsible of Local Authorities in the UK to "Play Casino" with their customers money. They aren't or shouldn't be Stock Traders.
I'll bet half the people using these banks had now idea of where or even what Iceland was and certainly no idea of it's yearly GNP. If they had they would have realized that the interest rates on offer were just NOT SUSTAINABLE.
Icelandic Banks weren't the only banks that didn't have responsible trading -- just look even today at GOLDMAN SACHS -- and even MOODY'S the International ratings agency (used by the UK and other governments for assesing risk / credit worthiness etc) .
The top guy at Goldman Sachs is still escaping justice by hanging out in London.
Seems they (the UK govt) extradite to the U.S some poor guy messing about with computers only really looking for UFO's etc but leave alone some well healed big time SWINDLER working for Goldman Sachs because they don't want to upset "The City of London" financial markets.
Actually he was operating a very simple "Boiler Scam" as it's known in the Stock Exchange.
He parcels loads of " U.S Sub Prime Slime" - debt ridden mortgages etc into a large Hedge fund -- and then knowing that this stock is essentially useless pushes up the value to ludicrous values getting investors to part with their money -- such as RBS (Royal Bank of Scotland -- neasrly 1 BILLION QUID they coughed up).
Eventually the whole thing implodes -- meanwhile he's walked away with commission fees and a few MILLION quid in bonuses.
If the UK govt has any bottle they will hand the guy over to the US where he can enjoy a nice long holiday provided by the US Federal Government in one of their "prime location hotels" and retrieve the money back from Goldman Sachs -- who should have been allowed to go bust at the same time as Leaman Bros.