2 weeks ago
Wednesday, September 20, 2006
yes, I was wrong ....
A few weeks ago with petrol touching £1 a litre I said it wasn't going down again ...
I was wrong!
Today at Sainsbury's in Frome it's 86.9p a litre.
Why? It's still getting scarcer by the day, with 10,000 barrels a second being used. Very little new oil is now found. Nobody's suggesting opening new refining capacity. Perhaps the hurricane season had already been factored into the price earlier this year and so far the Gulf coast's been lucky.
Perhaps people are actually using less as a response to the increasingly scary facts and figures coming from the scientists, who to my mind are still wildly over-optimistic. Or perhaps this craven government's pushing secret funds in to keep the price low?
It's only a blip and the trend is up up up. I may be wrong in the short term but over the long term I'm always right!
Expect £1.10 a litre by the end of 2007. And gold touching $900 an ounce. You heard it here first.
Posted by Steve Sainsbury at 10:29 pm