Monday, February 04, 2008

A slow pipeline

I am no expert on the Oil industry but I note with some frustration that the price of petrol on my local forecourt remains stubbornly over £1 a litre.

This is despite the fact that the crude oil price has largely been falling since very early in January and fell another 3 % today at under $90 a barrel.

I am sure the official argument is that oil refining is a long process and it takes a long time for price falls to filter through the system.

It is strange that that argument never applies in relation to price rises.........

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