Greg
2008-06-24 23:55:01
I know that $4 is a lot to pay per gallon (especially if you have a long distance to travel).
http://www.eia.doe.gov/oil_gas/petroleum/data_publications/wrgp/mogas_home_page.html
But here’s how much worse it could get. Here’s the situation in the UK:
UK Petrol Price = £1.17 per litre
There are 3.7854 litres in 1 US gallon.
There are $1.9648 in £1
Therefore US equivalent price = 1.17 × 3.7854 × 1.9648 = $8.70 per gallon
Okay, so I know in the UK it’s all a great tax swindle.
Still … inelastic commodities … who’d have them?
