Guardian: Petrol to hit £1 a litre ($6.96gal.) after US buys up supplies

[Up2Late]

(That's $6.96 a Gallon! That did sound high, untill today when BP stations started selling gas here in Atlanta for $5.89-$6.09 per Gallon.):mad:

Petrol to hit £1 a litre after US buys up supplies

Ashley Seager
Friday September 2, 2005
The Guardian

Motorists were warned last night that petrol prices seem certain to pass £1 a litre within days after Hurricane Katrina wiped out many of the oil refineries on the US Gulf coast.

As US oil companies bought up 20 shiploads of European petrol yesterday, the wholesale price of petrol on the Rotterdam spot market soared to a record of $855 a tonne (more than $100 a barrel), up more than 20% in two days and something experts said would feed through to the forecourt within days.

The Petrol Retailers' Association calculated that the spot price rise could add almost 10p a litre to pump prices if it were passed on in full to consumers, something the oil companies may be reluctant to do.

Prices yesterday were around 92p a litre for unleaded and 96p for diesel. Wholesale diesel prices in Rotterdam also set record highs yesterday, so the £1 a litre diesel price could be seen by the weekend and by Monday at the latest, a PRA spokesman, Ray Holloway, said

<http://www.guardian.co.uk/oil/story/0,11319,1561313,00.html?gusrc=rss>
(more at link above)

[Maple]

1. It's

£1 equals $1.83 USD and 1 US gallon = 3.7854118 liters

[Up2Late]

4. AND?

I would think MOST people would round 3.7854118 up to 3.8, wouldn't you?

[Maple]

7. 'Look after the pence

and the pounds will take care of themselves.' :7

[meegbear]

16. Booooooo!

:spank:

[LifeDuringWartime]

2. $100 a barrel!

how long until it is that price here?

[Joebert]

3. Not long.

If people will pay for it, they'll get it.

And now with the announcement yesterday, they can make the stuff with no environmental protections.

Which means PROFIT CITY!

[krkaufman]

5. Not to mention SMOG CITY. n/t

[Up2Late]

6. Yes, that's one of the things that REALLY pisses me off, you just know...

...that * has been looking for a "good" excuse to pull that one out of his bag of tricks.

[LivingInTheBubble]

8. The UK produces more oil than it consumes.

According to the cia factbook, so does this article mean we are selling it to another country at the expense of our own (already high) prices.

[muriel_volestrangler]

9. I've already seen diesel at over £1 a litre

I just came back from west Scotland, where the prices are often a few pence higher.

And, while the article singles out Denmark, Norway and the Netherlands as having more expensive petrol than the UK, I'd also say France has slightly more expenseive petrol - €1.30 a litre, which is about 94p, before the rises due to Katrina kicked in. It's high everywhere, and will remain so (can oil rigs in the Gulf of Mexico really just 'disappear'?)

[Up2Late]

11. Yes, I think they were the Floating, attached to anchors, type

I heard 20 are completely gone (Sunk most likely).

[Abathar]

14. How much of that is taxes though?

I don't know the percentage of taxes GB puts on their fuel.

[muriel_volestrangler]

15. About 67%

according to the Automobile Association.

[Massachusetts]

10. MILLIONS OF CHINESE MUST BE RIGHT

[brazil]

12. Somehow...

I doubt the Chinese are riding Prophets around... those bikes are kinda spendy. And nice. :7

[JoFerret]

13. Nice thought but....

with the Chinese industrial revolution in high gear their demand for oil is sky-rocketing.

[BiggJawn]

17. Make a deal with ya, Tommy Atkins....

You come over HERE for a month and try to live on MY paycheque, and I'll go over THERE for a month and live on yours.

See who's got more month left at the end of the money....

[Up2Late]

18. Who's Tommy Atkins?

:shrug:

[BiggJawn]

19. The British equivalent to "John Q. Public" n/t

[Endangered Specie]

20. I thought it was "John Q. Taxpayer"

:shrug:

[LivingInTheBubble]

21. The cost of living is lower in the US than here. nt