Newspaper headlines are now about the cost of oil, the rising fuel prices and how these will impact our lives. It seems like I have been transported back to the Seventies.
It seems that we had better get used to it. Experts predict that the value of a barrel of crude oil could top $200 a barrel by the end of this year. Until now everybody feared petrol reaching £5 a gallon, it has already passed £6 in some areas and shows no sign of slowing down.
How different our attitude is to fuel use than in other areas of the world. We are taxed to the hilt in an attempt to reduce our motoring to a minimum and to boost the coffers of the government. In some of the emerging markets, in India in particular, there is unrest as their bureaucrats are finding it increasingly difficult to carry on with the subsidies that ensure that fuel is affordable for all. The bill for this year’s subsidy is expected to top a whopping $17.5 billion, but at least it should keep the cost of a litre of diesel below the equivalent of 40p.
The day when driving to Mumbai to top up is getting closer.
