Regardless of the size of petrol or diesel powered vehicle you drive, you can’t help but notice the rising price of fuel at the pumps.
In the south east of England we are now paying up to 105.9 for a litre of fuel! I watch in horror as the spinning counters on the pump show that the amount of fuel I put in (litres) loses ground to the price in pounds.
The question is just how much is the british motorist prepared to pay for fuel before leaving the car at home and taking an alternative mode of transport? There have been recent studies indicating the price of fuel could near £2 per litre before people start switching to trains or buses.
Higher fuel prices also impact on the economy. Driving unwelcome rises in inflation, restricting economic growth and being distinctly unpopular with the electorate.
Why is the Price of Fuel So High?
Currently oil prices hover around $95 a barrel. This means OPEC members (Saudi Arabi, Kuwait, Nigeria, et al) are reaping record revenue. The demand for their product (oil) keeps rising, and the world economy seems capable of sustaining oil prices that would have seemed suicidal just a few years ago.
However, there have been real concerns over the actual figures relating to the amount of oil left for global consumption. There are also growing fears of a global economic slowdown, an endlessly depreciating dollar, and growing concerns about the effect of fossil fuels on the planet’s climate.
A great resource for understanding more about the price of oil, depleting oil stocks and general trends in the oil industry can be found at the Wolf at the Door
To quote from the above web site – “For years, the experts have been warning of the dangers of oil depletion. They have been accused of crying wolf. This time, the wolf really is at the door“.