"Taoiseach warns against energy price gouging in response to Middle East conflict" RTE News

Also with the very high fuel prices now there is no need for the 17c soon to be 20c carbon taxes because those levies are now being imposed by trump and the strait of hormuz. The government should not be let off the hook on this, this is the biggest energy crises in modern times, what do they need to monitor? The civil servants wouldn't have a clue what to monitor anyway. They hardly have people over in the straits of hormuz now do they?
 
Crude Oil Prices for the past 20 years - Adjusted for Inflation.

Crude Oil Prices (1946-2026)

Interactive charts of West Texas Intermediate (WTI or NYMEX) crude oil prices per barrel back to 1946. The price of oil shown is adjusted for inflation using the headline CPI and is shown by default on a logarithmic scale. The current month is updated on an hourly basis with today's latest value.
www.macrotrends.net www.macrotrends.net

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Today's price ~ $95
 
Firefly said:
Today's price ~ $95
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peemac said:
Last Monday refining charges for diesel went from about $25 to over $40 and then headed towards $60 before coming back a little to $50 for a barrel of oil.
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As the price has dropped from the high levels previously, are the refining costs ( anyone know of the current price? ) adjusting down for the drop in the oil price , which originally seemed to be one of the drivers of the high price at the diesel pumps ?
 
Jazz01 said:
As the price has dropped from the high levels previously, are the refining costs ( anyone know of the current price? ) adjusting down for the drop in the oil price , which originally seemed to be one of the drivers of the high price at the diesel pumps ?
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The energy cost of refining Crude Oil is about 10% of the energy embedded in the oil itself. I don't know what the other cost drivers are but the current war has resulted in a reduction in refining capacity of around 4 million barrels a day, about 40% of the regions capacity and 4% of global capacity. The US and China have 18-20% of global capacity each. China has stopped exporting any. That has a bigger impact on global supply (and therefore price) than the Iranian attacks on refineries and shipping.
 
Jazz01 said:
As the price has dropped from the high levels previously, are the refining costs ( anyone know of the current price? ) adjusting down for the drop in the oil price , which originally seemed to be one of the drivers of the high price at the diesel pumps ?
Click to expand...
"European Road Diesel" currently being quoted at $1.15 as of yesterday. (source Neste/ argus media) So just over €1 a litre.

Monday's oil price spike never fed into the market as it was short-lived. So 43c duty, 19c Carbon (only kero had carbon increase postponed to May) 2c Nora, 15c importer/retail and 23% vat on that = €2.24.

Remember the dollar has also strengthened by 3%.

BTW - Valero, the refining giant, has seen share price jump 20% in the past 2 weeks
 
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