July 7th, 1931 … The Standard Oil company of New Jersey has reduced the price of diesel fuel oil 10 cents a barrel to $1.40 at gulf coast ports.
July 2nd, 1982 … French consumption of diesel exceeded for the first time in 1991 demand for other fuels. All fuels sold in France, the pre-tax price of diesel is by far, the cheapest in Europe, on account of strong completion on the national market.
July 17th, 2004 … The government will continue to cap the retail price of diesel fuel at its current level until the end of the year, even thought the actual price has reached historical local highs.
July 27th … With demand growing and supplies limited, the nationwide average for on-highway diesel fuel is about $1.75 per gallon, not far from the $1.77 record set in March 2003.
And today the “official explanation is:”
These tectonic shifts are driven in large part by the surging development of China and its 1.3 billion people. While the demand for oil in most western countries has flat-lined or even declined over the past 12 months as economic conditions have worsened, in China it is powering away. This demand, and for other commodities, is driving up prices – but also spurring investment in technologies that might unlock a new era of clean, affordable energy.
It prompts several questions: Are consumers finally beginning to change their habits? Will alternative energy sources become economically competitive? And could China’s thirst for oil in fact save the planet?
And the official reply is:
“There aint no answer. There aint gonna be any answer. There never has been an answer. That’s the answer.”
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It’s depressing isn’t it?
Meanwhile here in the UK the cost of fuel continues to rise. Yesterday, it was announced that domestic gas bills will be going up as much as 60% in the next few months. By “gas” I mean the gas we heat our homes and cook with in the UK – I know you call petrol fuel “gas” in your neck of the woods!
This will hit the poor and elderly the hardest – we’d better hope it’s a mild winter.
Wow! That is a pretty heavy chunk of change right off the top, that would be amount to about $40 in the U.S.A.. (at my residence) Most people, including myself, are having a problem absorbing all of these costs, there is just so much the consumer can bear, don’t you agree?
It has become an “annual right of passage here” each and every fall, the papers and the media are full of stories, about how there is going to be a shortage of home heating oil, or how it is escalating in price and each year, unfortunately, it gets worse. There seems to be no end to it, and it appears to be here to stay now. Just no escaping it.
Thanks so much for stoppin by ……..
Comment by Author — July 22, 2008 @ 1:11 pm