The fresh peak came in the week the AA motoring organisation reported the highest monthly rise in average diesel prices this century - up by 6.76p to 124.17p a litre. Petrol also leapt 4.49p to 112.55p a litre in the month to mid-May.
The leap came after US figures showed an unexpected drop in stockpiles, while downbeat growth forecasts from the US Federal Reserve weakened the dollar. Oil was trading a year ago at less than half today's level.
Traders have been buying crude as a hedge against the faltering dollar.
Tweet
Comments
Login or Register to comment
will this ever increasing prices of petrol mortgages food, gas and electric ever end, the working people of this country can only pay for so much !!!!
Here's a thing Dessie, there's a scam going on here. Oil is bought in dollars. in the mid 90's oil was around $75 barrel which = £50
in the mid 2000's oil was $100 barrel but due to exchange rate increase this was still equal to £50 barrel.
Ok there has been increases lately but for the last 10 years we should have seen NO increase in oil price in the UK. Because the pound/dollar increase has tracked the oil price increase.
riddle me that one batman.
not true, the price of crude oil is miles higher in pounds (or any other currency) than it has been for ages...
www.wtrg.com/oil_graphs/oilprice1947.gif
Back in 2000 oil was about $30 / barrel.
We need to start producing as much electric as we can from sources that are not affected by the price of fossil fuels, and introduce as much electric traction transport as possible.