To think this oil price situation is going to make us all poorer

paddleboardingmum · 2026-09-11T21:36:23+00:00

I am not in the know about these things but have we got some sort of economic disaster coming down the tracks? I can't see how the oil prices going up is going to end. Surely it will impact everything like the cost of importing food and manufacturing and things like that.

KeepPumping · 12/09/2026 15:43

unabashedopossum · 11/09/2026 23:18

They aren’t selling that oil. They’ve just hugely reduced how much oil they are buying from the open market, which has reduced global demand. They are using their own reserves.

Their economy relies on supplying the rest of the world with all sorts of things, so I guess it suits them if we continue to be able to keep buying what they make.

If the cost of oil does continue to rise then everything gets more expensive. It’s not just heating and transport. Every manufacturing business has higher costs, transporting goods to us costs more, plastics cost more. Oil price increases drive inflation for pretty much everything we buy. Whether the prices will continue to rise… who knows?

Eventually you get demand destruction, then the stock market should collapse, but nowadays who knows what will happen?

KeepPumping · 12/09/2026 15:40

Badbadbunny · 11/09/2026 23:33

Increased interest will be wiped out by inflation.

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In that scenario house prices would be falling heavily as rates rise, that is most people"s biggest cost, higher COL will only entrench the already massive wave of anti-immigration feeling, this means less people and = lower rents, individuals can create their own deflation by purchasing less holidays, phones/other media, driving less, buying/eating less etc. debt costs are fixed and can rise at the whim of the bond markets so a debt free saver who can keep their job is going to be much better off than someone carrying large debts.

KeepPumping · 12/09/2026 15:35

bumblebee1000 · 12/09/2026 01:04

Of course everything will go up from food to transport costs...so many products are also a by product of oil, its going to affect nearly everything !

Will it affect AB"s 2 quid bus fares? I was surprised recently to learn that the Scottish government also seems to have adopted this, a route I travel occasionally that used to be just silly money for a short hop on the bus now £2!

NolanChanceJustLikeTheWeatherNSoul · 12/09/2026 01:25

myjamisbetterthanyours · 11/09/2026 22:41

I worry that it will, indeed.

What was Trump thinking when he attacked Iran?

About him and his mates cashing in.

bumblebee1000 · 12/09/2026 01:04

Of course everything will go up from food to transport costs...so many products are also a by product of oil, its going to affect nearly everything !

KeepPumping · 12/09/2026 01:02

Badbadbunny · 11/09/2026 23:33

Increased interest will be wiped out by inflation.

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It depends what you buy and how much debt you have, not everyone"s inflation is the same.

Bloodysquirellls · 11/09/2026 23:36

At this stage I think the question is when are we not getting poorer?

This has been the status quo for the last two decades. Poorer and poorer and poorer.

Badbadbunny · 11/09/2026 23:33

KeepPumping · 11/09/2026 22:45

Return on savings in a cash account or money market fund up, house prices down, that makes a lot of people better off.

Increased interest will be wiped out by inflation.

KeepPumping · 11/09/2026 23:32

paddleboardingmum · 11/09/2026 23:27

Yes it's hard to see where it ends as neither side looks set to back down. Meantime we all have to suffer.

Those with big debts will suffer the most, they are most exposed to interest rate risk.

Original poster

paddleboardingmum · 11/09/2026 23:27

Yes it's hard to see where it ends as neither side looks set to back down. Meantime we all have to suffer.

OP posts:

Lonelycrab · 11/09/2026 23:24

paddleboardingmum · 11/09/2026 23:20

Do you think the price of oil will continue to go up @unabashedopossum or stay at this level for a while or go down? It doesn't seem good as we head into winter.

Depends on how much Trump fucks around and finds out with Iran doesn’t it..

Seems to be directly correlated really

KeepPumping · 11/09/2026 23:24

unabashedopossum · 11/09/2026 23:18

They aren’t selling that oil. They’ve just hugely reduced how much oil they are buying from the open market, which has reduced global demand. They are using their own reserves.

Their economy relies on supplying the rest of the world with all sorts of things, so I guess it suits them if we continue to be able to keep buying what they make.

If the cost of oil does continue to rise then everything gets more expensive. It’s not just heating and transport. Every manufacturing business has higher costs, transporting goods to us costs more, plastics cost more. Oil price increases drive inflation for pretty much everything we buy. Whether the prices will continue to rise… who knows?

ECB just hiked rates, US and UK will follow IMO, rates are still ridiculously low though! They will do anything to keep the debt bubble afloat but they are running out of tools.

https://www.rte.ie/news/business/2026/0910/1590961-ecb-rate-hike/

ECB ups interest rates in bad news for mortgage holders

The European Central Bank has raised interest rates for the second time this year, seeking to quell an energy-driven rise in inflation triggered by the Iran war.

https://www.rte.ie/news/business/2026/0910/1590961-ecb-rate-hike/

Original poster

paddleboardingmum · 11/09/2026 23:20

Do you think the price of oil will continue to go up @unabashedopossum or stay at this level for a while or go down? It doesn't seem good as we head into winter.

OP posts:

unabashedopossum · 11/09/2026 23:18

They aren’t selling that oil. They’ve just hugely reduced how much oil they are buying from the open market, which has reduced global demand. They are using their own reserves.

Their economy relies on supplying the rest of the world with all sorts of things, so I guess it suits them if we continue to be able to keep buying what they make.

If the cost of oil does continue to rise then everything gets more expensive. It’s not just heating and transport. Every manufacturing business has higher costs, transporting goods to us costs more, plastics cost more. Oil price increases drive inflation for pretty much everything we buy. Whether the prices will continue to rise… who knows?

Original poster

paddleboardingmum · 11/09/2026 22:56

That's interesting @unabashedopossum so do you think we will end up getting Russian oil then via China? And that China will continue sending it? I can't see how the Iran war will come to an end easily, as it doesn't seem as if the two sides will agree?
Will it mean our heating bills will go way up? and what about things like train fares, flights?

OP posts:

unabashedopossum · 11/09/2026 22:47

China has truly insane oil reserves. The oil price rises have been seriously mitigated by their intervention. For whatever reason, they have chosen to pretty much nullify the oil crisis.

As long as they continue to keep their imports so unusually low, this can be ridden out. While the rest of the world has been boycotting Russian oil, China has been buying it via the back door with RMB. It’s estimated that their oil reserves are now greater than the rest of the world’s put together.

It’s now China rather than the US and gulf states that control global oil prices. Let’s hope that it continues to suit their interests not to crash the global economy.

randomchap · 11/09/2026 22:46

myjamisbetterthanyours · 11/09/2026 22:41

I worry that it will, indeed.

What was Trump thinking when he attacked Iran?

he wasn't thinking, he's not capable of that. He's just a puppet

KeepPumping · 11/09/2026 22:45

Return on savings in a cash account or money market fund up, house prices down, that makes a lot of people better off.

myjamisbetterthanyours · 11/09/2026 22:41

I worry that it will, indeed.

What was Trump thinking when he attacked Iran?