Tuesday, September 13, 2005

Gas Crisis In Britain

I’ll admit that paying $2.80 per gallon at the pump for a gallon of gas is not a pleasant thing, but it could be much worse:

Petrol Crisis

There is a run on gas in Britain, with stations running out, gas protests planned, and sky high prices……..

Petrol stations across Britain ran out of fuel today as motorists ignored pleas for calm and filled their cars ahead of protests planned fuel protests tomorrow

The Chancellor responded to the growing unease by calling on the world's oil-producing nations to release more crude oil to soften petrol prices that have risen 20 per cent in recent months and threaten to rise again in the aftermath of Hurricane Katrina.
The British government does not sound like it is entertaining lowering one of the worlds highest gas taxes, rather they are asking for increased supply from oil producing countries. The price of gas in Britain is made up of about 75% taxes while in the US the price is about 22% taxes.
Tax %

Today gas if you can get it in Britain is 1 pound per litter or $2 US per litter. There are basically four litters in a galloon so the cost of one galloon of gas stands at $8!!!!!!!! And they are lining up in mass to pump all they can at $8 a click per galloon!!!!!!!!!!!!!!!!!

That less than rosy picture makes the $2.80 per galloon bearable. Things could have been much worse if Katrina would have done more damage to the oil and gas rigs in the Gulf of Mexico……………………………..