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Posted on Jun 10, 2008 - 1:24am by John P. in Finance, News
Well, you better get ready. Gas was near an all time inflation adjusted high back in April, but as of right now we’re already paying more than we’ve ever paid for a gallon of gas. According to the Wall Street Journal:
The skyrocketing price of oil, now up more than 44% so far this year, is battering the airline and auto industries and causing consumers to cut back on driving and nonessential spending.
That jolt is reinvigorating worries that crude prices could ratchet still higher, putting a severe squeeze on many economies around the world and deepening the growing tension between the world’s big oil exporters and consuming countries.
This chart illustrates the price of Gas in the US in both real dollars and inflation adjusted dollars. Either way we’re at the top of the scale right now.
To make matters worse:
Over the past few months, the refiners who turn crude into gasoline have absorbed part of the rise in oil prices. Cooling fuel demand has made it hard for them to charge more for their products.
While crude-oil prices in the spot market have roughly doubled from last year, retail gasoline prices are only about 25% higher. But if refiners have to pay much higher prices for oil, they might resort to finally passing on the full increase in crude to consumers.
And by the way, if you think the oil companies are doing anything to actually help stem the rising costs, think again. Here are the stock prices for a few oil companies (by the way, I probably own stock in all of them):
So if you don’t own a scooter yet, you might consider investing in one of these.
Speaking as a Brit – I wish?!?!?!?
£1.20/litre = $9.80/gallon
Enjoy $5/gallon while it lasts :-)
I thought about the scooter option. My fear is that I will get run over by a Hummer on my 30 Mile trek to work!
If only we had drilled in ANWR or started using shale oil, this probably never would have happened.
type the following into google “2.069 nzd in usd litres per gallon” and see what the CURRENT price of a gallon is in new zealand. I dread to think what it costs in the UK. you guys are sooooooooo insulated its amusing.
If you own stock in all those oil companies, you my friend, are a rich rich man.
I’m sorry guys, you don’t know how good you have it in the US!
Where I live in the UK we are paying £1.15 for a litre of petrol and £1.29 for a litre of diesel.
Fuel in the UK is the 6th most expensive in the world and it’s all because of the government putting a high tax on it.
We pay over $11 here in UK so you guys are lucky. The worst thing is that hardly anyone kicks up the fuss here too about its price.
It’s BEEN 5$ a gallon on the west coast (Highway 101) for about 4 months now.
ANYWAY, I’m selling my 1200CC motorcycle and getting a battery powered scooter. I figure, WORST case scenario, gasoline becomes unavailable and I’m still mobile :D
I’ve heard that the UK is that high, but then you got great public transport. Here in South Africa its 57p a litre and that’s a considerable increase for us. I guess it is all relative, all over the world the prices are increasing and petrol effects everything else.
Just paid £1.30 for a litre of diesel, £70 to fill up a tank that was costing £55 not so long ago. Shocking.
Just saw a car that uses fuel as water.!Now people can consider these.
http://www.waterfuelcell.org/
Really excellent to hear Americans will be going for smaller engines! For a country that produces 25% of the world’s pollution all on it’s own, it is ABOUT TIME!
[...] I speculated about getting ready for $5 per gallon gas here in the US a few weeks ago, but when you read that the oil companies are breaking the record [...]