posted on Aug, 5 2005 @ 05:07 AM
Fuel prices in the UK have been crazy for a long time but are still going up.
I filled up the car at my local filling station a couple of days ago and Diesel (I drive a TDi engined car) is now 91.9p a Litre.
That works out at £4.13 / Gallon. Or, for the US readers using the US Gallon $6.18 USD / US Gallon.
I switched from driving a petrol engined car to diesel way back due to better fuel economy but, since diesel engined cars have become increasingly
popular, so the price of diesel fuel has increased greatly. It is now, in most places, more expensive than petrol
OK, I get the benefit of good economy (my car will go 600 miles on a fill - 55 Litre tank) but I see this as nothing but blatant profiteering by the
government charging so much duty for people trying to be more economical.
As for the Peak oil, I don't think we are there yet. The demand has increased with developing nations using a lot more (India and China probably
being the biggest new consumers) and more oil is being pumped out of the ground. Whilst more money has been invested in drilling and exploration, the
refining capacity has not increased greatly. Add to this the fact that speculators drive up the price each time there is any natural disaster, real
or possible, and the lower dollar value against other currencies. If the dollar value drops then oil producers have to raise the barrel price to
retain the same value. That's gotta be a big factor and downside to pricing oil in only one currency.
Anyhoos, the oil companies are all posting record profits and the speculators are laughing all the way to the bank as well. It all seems to be a bit
of an artificial situation.
[edit on 5-8-2005 by Britguy]