Radio announcement: Gas could reach $10.50 by Christmas

[Chris and Pooh]

I have just heard from a radio report that oil reached $70 a barrel today and may reach a $100 by the end of the year fueled (excuse the pun) by concerns about conflct in Iran.
For us in the UK that could mean £1.20 a litre or $10.50 USD per gallon, is there to be no end?

 

[Miss Jasmine]

 

[luvwinnie]

What do you currently pay? I believe you already pay much more than us for some reason, no?

 

[azgal81]

Wow that's alot. If that were to happen I see people finding alternative methods to get around. I personally don't see it being that much over here we are still at less then 3 bucks per gallon! Hopefully it wouldn't get that high for the UK that is just insane.

 

[Chris and Pooh]

What do you currently pay? I believe you already pay much more than us for some reason, no?

We pay the equivalent of $6.40 at present for regular, $7.00 Diesel and $7.50 for premium, but a large percentage is tax

 

[luvwinnie]

We pay the equivalent of $6.40 at present for regular, $7.00 Diesel and $7.50 for premium, but a large percentage is tax

I'm speechless. I'd have to sell my motorhome, that's for sure!

 

[froglady]

We pay the equivalent of $6.40 at present for regular, $7.00 Diesel and $7.50 for premium, but a large percentage is tax

Large? About 70% of what you pay goes to taxes! Ah, but you have National Health Care, so it all evens out.

 

[CathrynRose]

I have just heard from a radio report that oil reached $70 a barrel today and may reach a $100 by the end of the year fueled (excuse the pun) by concerns about conflct in Iran.
For us in the UK that could mean £1.20 a litre or $10.50 USD per gallon, is there to be no end?

£1.20 = $10.50 a gallon doesnt seem like the right equation...

Anyone know £ ---> $ and liters to gallons??

And Ive got an OT question, do you have a £ on your keyboard? Like where we have a dollar sign? Or do you have to use an ALT combo? I just kept copying and pasting your: £

 

[CathrynRose]

New post to reflect::: I saw - they already pay more.... Bummer.

How is that possible? Thats a HUGE stinking difference!!!! What other things are more there / here....vice-versa?

How much is ice cream? Or Milk? ..... (why am I fascinated by useless information?) What about cigarettes?

 

[beckmrk04]

If so, then

"I'm getting nothin for Christmas...."

 

[chris1gill]

There are 4 liters to a gallon (or thereabouts).... Their dollar is worth roughly 2 of our dollars, so, the OP's 10.00 figure would be an accurate conversion (or thereabouts)...

We recently drove thousands of miles in Australia & paid a bit more than 5.00 U.S. per gallon.. that was during the month of January... so gas has gone up from there...

I think here in the U.S. we will see 5.00/gallon sometime in the relatively near future, just MHO....

 

[froglady]

New post to reflect::: I saw - they already pay more.... Bummer.

How is that possible? Thats a HUGE stinking difference!!!! What other things are more there / here....vice-versa?

How much is ice cream? Or Milk? ..... (why am I fascinated by useless information?) What about cigarettes?

Higher taxes add to the price. The same reason why the price will vary from state to state in the US, depending upon how much the state collects. This is an embedded tax, so we don't think too much about it.

 

[Obi-Wan Pinobi]

There are other factors in play besides the unrest in the Middle East. Increased consumption from China and India in the past few years plus increased US demand while refining capacity has been stagnant (no new refineries since the 1970s) also play roles in the rise in gasoline prices.

 

[arminnie]

I have just heard from a radio report that oil reached $70 a barrel today

In 1981 -TWENTY FIVE YEARS AGO - I saw an internal report from an oil and gas company that predicted $70/barrel oil in five years (1986). I guess it took it awhile longer to get there.

Mean while the oil and gas industry TANKED big time for a couple of decades (oil was at something like $15/barrel).

Who know what it's going to be in the future.

 

[Chicago526]

In 1981 -TWENTY FIVE YEARS AGO - I saw an internal report from an oil and gas company that predicted $70/barrel oil in five years (1986). I guess it took it awhile longer to get there.

Mean while the oil and gas industry TANKED big time for a couple of decades (oil was at something like $15/barrel).

Who know what it's going to be in the future.

If I remember correctly (and I may not be!) the reason that oil was so cheap for a long time was because members of OPEC kept over producing oil to make more money. OPEC would set a quota to prop up prices but the individual countries blew them off because the more oil they sold, the more money they made, thus putting downward prices on oil.

With demand at an all time high, that's really not an issue any more, so up up up go the prices (plus the refinery issue, too).

 

[Charade]

We pay the equivalent of $6.40 at present for regular, $7.00 Diesel and $7.50 for premium, but a large percentage is tax

Taxes for what? A disincentive?

 

[froglady]

Taxes for what? A disincentive?

That's apparently part of it. It cuts down on driving, which cuts down on congestion, pollution, accidents, etc. But the money is also useful for helping to fund the many government programs.

 

[Chris and Pooh]

And Ive got an OT question, do you have a £ on your keyboard? Like where we have a dollar sign? Or do you have to use an ALT combo? I just kept copying and pasting your: £

OT reply £ sign is above the 3 and $ sign is above the 4

 

[DawnCt1]

I have just heard from a radio report that oil reached $70 a barrel today and may reach a $100 by the end of the year fueled (excuse the pun) by concerns about conflct in Iran.
For us in the UK that could mean £1.20 a litre or $10.50 USD per gallon, is there to be no end?

Is it President Bush's fault? Everything else is.

 

[Chris and Pooh]

Large? About 70% of what you pay goes to taxes! Ah, but you have National Health Care, so it all evens out.

Very true, but then we also pay income tax and national insurance and I pay for private health care so that I dont have to wait for two years for a non urgent operation on the NHS-National Health Service