More pain on the way for motorists as price of oil surges once again
British drivers are likely to feel some serious pain at the pumps this summer as crude oil prices are approaching the peak of $78.65 per barrel that they hit last year. Gasoline prices in Britain are likely to top £1 a liter ($7.60 per US gallon) after production problems in Nigeria caused a runup in price of brent crude to over $76 a barrel. With US gas prices having settled in at around $3 a gallon in many areas since Memorial Day it won't be a surprise to see our fuel prices leap in the next few weeks if the the price of crude stays up. If world prices go higher it would not be unreasonable to see $4 a gallon by Labor day. Maybe John Dingell's carbon tax plan will be a meaningless exercise if gas prices continue to climb.
[Source: The Gaurdian]
Reader Comments (Page 1 of 1)
1985 Gripen 2:45PM (7/10/2007)
I'm tired of reading about the threat of $4 per gallon gasoline in the U.S. We've never hit that number, even in California, except maybe at a few select stations after Hurricane Katrina.
Some economists have surmised that $4 a gallon is the "tipping point" where demand will drop as people finally are forced to conserve and buy more sensible vehicles (I'm not talking about everyone buying a hybrid, but moving from a large SUV to a small one or from an SUV to a wagon). So I for one welcome $4 a gallon gasoline. It can't come soon enough IMHO.
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frank78 8:16PM (7/10/2007)
Time to buy some stock in companies developing batteries and ultracaps.
We'll almost definitely see the national average climb at least 20 cents within 2 months as part of the summer driving season.
All politicians should stop coming up with ideas about how to interfere with the energy markets and spend a little more time golfing. Any carbon tax plan is faulted.
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