Gasoline, Diesel and a Barrel of Oil

Amit at updated the charts to include an axis for the price of a barrel oil – Barbados Underground.

Two new charts today! The first chart shows the usual gasoline and diesel pump prices  – on the left axis – for 2017 to date. But this time, the price of a barrel of oil for 2017 to date is now shown on the right axis. The second chart has the same pricing info, but for 2016. All prices are in Barbados Dollars. Now it’s easier than ever to view the monthly prices of fuel at the pump in Barbados and compare it against monthly oil prices.

Read full text – Gasoline, Diesel and a Barrel of Oil

28 thoughts on “Gasoline, Diesel and a Barrel of Oil

    • The other question is why cant the government share the calculation used to determine price at the pump? Why the secrecy? Do we live in a democracy or not!

  1. Note that the price at the pump in 2017 is higher when compared to similar price per barrel in 2016. What is the variable that has contributed? Is it cost of freight, excise?

  2. Wake up people Oil is on the way out.“The power generation industry is experiencing disruption of unprecedented scope and speed,” Siemens management board member Lisa Davis said. “With their innovative strength and rapidly expanding generation capacity, renewables are putting other forms of power generation under increasing pressure,” she added.
    Reuters News.

  3. An economist from Stanford University, Tony Seba, has predicted that by 2030 all energy will be produced from solar and wind. He compares the likely disruption to auto and petroleum industry to that of horse-driven vehicles in the US in 1900. In a mere 13 years, horse-driven vehicles disappeared in the US. He predicts similar disruption from electric vehicles (EVs).

  4. An economist from Stanford University, Tony Seba, has predicted that by 2030 all energy will be produced from solar and wind.

    That is 13 years. B…shit is b…..shit even if it comes from a Nobel Laureate.

  5. @ ra1
    Seba is thinking one-dimensionally.

    Back with the horse driven carts, the only really major revolutionary technologies also in the mix involved cars and trains.
    In 2017, practically EVERY area of human life is under the similar (and even more critical) stress due to revolutionary technologies.

    From fuel, to weapons of war, to food, to medicines, to …. you name it….

    The coming disruption (and it is actually already here, we just will not look…) will be unprecedented in human history – both past and future.

  6. @ Hal Austin at 7 :30 AM

    You are quite correct . But there will be lots more like this coming. So, be prepared. Keep on your thinking hat.
    I keep reminding BU householders that economists are not prophets. We deal in conditional probabilities. If the model is wrong ;we will automatically get wrong predictions.

  7. We deal in conditional probabilities. If the model is wrong ;we will automatically get wrong predictions.

    Truer words never before spake.

    Just like a computer put in wrong data……out comes incorrect prediction.

    Or in a debate ….start with a wrong premise….result…..incorrect thesis.

    Should be hung on the walls of all financial institutions.

  8. Does Barbados own any gold? (The “gold” coloured middle band on Barbados flags does not count.) Why has China been stockpiling so much of it?

    Trump’s Financial 911

    The economic law that honest exchange demands only things of real value as currency cannot be repealed. The chaos that one day will ensue from our 35-year experiment with worldwide fiat money will require a return to money of real value. We will know that day is approaching when oil-producing countries demand gold, or its equivalent, for their oil rather than dollars or euros. The sooner the better.

    In other words, we’ll know the dollar-centric monetary system is about to end when countries start trading oil for gold or its equivalent… not dollars.

    Now—thanks to China—that’s about to happen in a very big way.

    China recently announced a mechanism that will make it possible to trade oil for gold on a large scale for the first time in many decades.

    This mechanism could undermine the petrodollar system—the system that’s supported the US dollar as the top global currency since the 1970s.


    Here’s how it will work…

    The Shanghai International Energy Exchange (INE) is about to launch a crude oil futures contract denominated in Chinese yuan. It will allow oil producers to sell their oil for yuan.

    Of course, most oil producers don’t want a large reserve of yuan. China knows this.

    That’s why China has explicitly linked the crude futures contract with the ability to convert yuan into physical gold through gold exchanges in Shanghai (the world’s largest physical gold market) and Hong Kong. The system won’t touch China’s official gold reserves.

  9. @Bernard,
    Education by rote is just repeating like a parrot what you have been told by lecturers; a critical education teaches you to question every proposition, every idea, every so-called fact. I am sure you have, but re-read Black Athena and its critics to see how ideas are imperialised.

  10. The history is replete of country leaders dying prematurely trying to derail USA plans on world hegemony…..recent examples are Khadaffi&Saddam who wanted to remove the USD as the world standard for buying oil.

    Will China succeed?

  11. @ Hal at 10 :30 AM

    Good lecturers, when students regurgitate their lecture notes in their essays, usually give the student no more than a C. Good lecturers expect to be challenged and expect the students to point him/her to journals with the latest pieces of research.

    Expertise by rote and repetition of irrelevant ideas is the road to the degradation of a progressive society.

  12. GreenMonkey,
    Great points raised. Bim could be very vulnerable as the Chines, Indians, Brazilians ie The BRICS and even Europe are pushing away from US$ hegemony. Why should they have to trade energy and other commodities via the US$? Slowly but surely there are breaking away and the USA hates the move and some do believe that WW4 could be based on this. Then of course it is probable that when this action weakens the US they will be Bankrupt.

    Bim must strongly consider hedging with Gold and a basket currency approach, this may actually help to keep us afloat.

    The Chinese have indeed been buying Western Gold bars and having the Swiss refineries working overtime converting those bars to their specifications ie 100oz sizes. Additionally, China is the number one Gold producing country on Earth.

    We live in very dangerous times and yet Bim has a Minister of Fine Ants who has not a clue how to solve the basics. Barbados has produced very clever people in many fields, it has been obvious for many years, approx 9, that we should have our best brains and practically experienced managing this critical file. Down with novices! (BTW there are not many Economists who truly understand the practical applications required–far too many caught up in Econometrics and defunct nonsense like the Phillips Curve which does not work in all situations)

    • @MoneyBrain

      BIM is suppose to buy gold with what again? It barely has enough reserves for 8 weeks of cover, no wiggle room to borrow on the capital market etc etc etc.

    • Thanks for the link Seth, we live and learn every minute of the day!

      The USD is the reserve currency of the world and one would anticipate the US authority will do all necessary to protect the monetary system.

  13. The USD is the reserve currency of the world and one would anticipate the US authority will do all necessary to protect the monetary system.

    Well good luck to them (and to China and the rest of us too, for that matter).

    America is in Terminal Decline

    November 18, 2017   by Raúl Ilargi Meijer


    “Prior to 2009, debt was able to support a rising standard of living..” Less than a decade later, it can’t even maintain the status quo. That’s what you call a breaking point.

    To put that in numbers, there’s a current shortfall of $18,176 between the standard of living and real disposable incomes. In other words, no matter how much people are borrowing, their standard of living is in decline.

    Something else we can glean from the graphs is that after the Great Recession (or GFC) of 2008-9, the economy never recovered. The S&P may have, and the banks are back to profitable ways and big bonuses, but that has nothing to do with real Americans in their own real economy. 2009 was a turning point and the crisis never looked back.

    Are the American people actually paying for the so-called recovery? One might be inclined to say so. There is no recovery, there’s whatever the opposite of that is, terminal decline?!. It’s just, where does that consumer confidence level come from? Is that the media? Is The Conference Board pulling our leg? Is it that people think things cannot possibly get worse?
    What is by now crystal clear is that Americans don’t choose to not save, they have nothing left to save. And that will have its own nasty consequences down the road. Let’s raise some rates, shall we? And see what happens?!

    One consolation: Europe, Japan, China are in the same debt-driven decline that Americans are. We’re all going down together. Or rather, the question is who’s going to go first. That is the only hard call left. America’s a prime candidate.

  14. @ Green Monkey
    America is in Terminal Decline….
    Yuh think??!!

    Boss, ANY country that finds itself with something like Donald Trump at its head CANNOT have much further DOWN to fall…

    Shiite man,
    …wuh the only possible worse situation would be to have a ‘Froon’ as yuh head man…

  15. Bushie

    The western Roman Empire when on for more than 500 years with people like Trump at the helm. They even had a man who appointed his horse as pro-counsel. It practiced levels of decadence that could rival us today.

    The eastern Roman Empire till around the 16th century.

    So, if history is a guide to the future, and we think not, we may have quite a way to go.

  16. @ Pacha
    Caligula could get away with such horse shiite back then…
    As Bushie said earlier, even (mock doc) Simple Simon got away with a lotta shaving cream back in the 1950’s etc….

    Did either of them have nuclear weapons?
    Did they depend on the purchase of oil with US dollars for their survival?
    Did they have CNN on their asses EVERY SINGLE DAY AND NIGHT…?

    Trump’s ass is grass Boss…
    ha ha ha
    …and so are ours….

    • David,
      I have been writing about Currency basket and gold for at least 5 yrs on BU.
      If or when the US$ gets hammered we will see if my point was wrong. It is probably too late.

    • It is never too late but based on what we see there is no urgency to shift traditional approaches to monetary policy.

  17. Bushie,
    CNN is led by Sucker who is presiding over a Ratings Collapse because of his political position. How long will Clinton N N last now that Donna B et al have decided to deep 6 the Clintons? These Dems are not stupid they know it is time to change.

  18. David wrote “Is there any reason why the official decision has not been posted to the FTC website?”

    Their website team probably don’t work on weekends. lol

  19. Fuel Price Change in Barbados for December 2017

    by Amit Uttamchandani

    The price of gasoline and diesel in Barbados changed effective December 4 2017.  Based on historical data, this was expected. Fuel prices have changed every month over the last few years and usually within the first week of a new month.

    For December 2017, gasoline moved from $3.19 BDS to $3.27 BDS per litre (an increase of eight cents, or 2.5%) and diesel moved from $2.52 BDS per litre to $2.58 BDS per litre (an increase of 6 cents, 2.4%).

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