'Fewer drivers' as oil prices rise
Updated on 22 May 2008
The price of oil hits $135 dollars a barrel. Is it any wonder there's evidence consumers are cutting their consumption?
As oil prices continue to set new records, there is growing evidence that more of us are beginning to curb our enthusiasm for the open road.
One hundred and thirty five dollars a barrel - that was where the price at which oil peaked overnight.
And some market watchers are predicting that it could rise as high as $200, which would mean even more pain for motorists at the petrol pump. So, is it just a blip or something we'll all have to get used to?
Our Money Reporter, Bridgid Nzekwu explains:
Your emails
"Great to hear people are finally cutting down on their car journeys, when we have an excellent bus service, there is really no need for the amount of congestion on London's roads.
Oil will run out one day, it's about time people woke up to that fact, one day there will be no oil left, and no amount of protesting is going to change that fact.
Very good news, I hope the oil prices keep going up!"
- John, Hounslow
"Why are oil prices going up? According to this report taken from The Times there is no shortage. No sudden increase in demand from the likes of China. Tankers sitting in ports and harbours in the oil producing countries. Comments please. As a side issue, if you review your history records famine and unusual weather patterns occurred throughout history within a set period as an aftermath of comet bypasses, (usually many years after the bypass, but it is there if you do your studies)"
- Andrew
"Can you tell me why nobody has mentioned the war(s)?
Has the government put a ban on mentioning the huge cost of Iraq and Afghanistan? Gordon Brown knows that the higher the oil price, the tax increases substantially too.
So is there a ban or am I just brilliant?"
- David Wilson
"Increase in price of petroleum for overall would not be fair for public transport.
Increasing price of petroleum for private vehicles and reducing the price of petroleum for public transport would discourage private transporters however; encourage people to use public transport."
- Tej Kumar Shrestha
"When they talk about fuel prices for motorists nobody talks about the outrageously high tax that has been levied on fuel by this government. One of the first things Gordon Brown did when he was Chancellor was to raise the tax on diesel which was previously cheaper than petrol.
I remember 0.46p a litre under the Conservatives. Although the basic price of fuel has gone up the tax charged by the government is an incredible 70 per cent or so and has remained the same with them receiving a huge cash bonanza.
The government is just raping the motorist with excessive tax and doesn't understand economics. Inflation could be solved at one stroke by reducing fuel tax by 30%. The government would still get the same revenue as before without fleecing everyone and letting the money go in to the big black hole that they call 'government spending'."
- Tim Ward
If you have any comments or experience of the effects of high petrol and diesel prices, do email us at news@channel4.com
