As much as I would like to agree with Blackbullet the truth is our current situation is similar to the gas issues which happened in the seventies and eighties.
After major gas hikes, prices did lower eventually like we currently seeing. During that process we saw many Japanese auto makers get their start or first leap. The big difference with now and the 1970s-80s was China was not nearly a factor then.
China has become the new super economy. They dictate oil prices, and they are the ones using the oil. As a consumer, America has taken a back burner to China and our "crying foul" is not really an issue that OPEC feels a concern for anymore. Keep in mind that energy costs are not just from Gasoline. You also have to factor in Natural gas, coal, Crude and light sweet crude, as well as various forms of hydro/wind produced electricity. The majority of these resources now belong to the Chinese markets. Also keep in mind that Asian markets(China) hold 43% of our treasury bills and that means that the U.S. can't scream at China like it used to when they started taking more resources then we deemed fair.
The U.K. has been paying ridiculous prices for petrol for years, and now the time has come for us to feel the bite. I think the current gas prices are just market manipulation by lobbyists and the politicians that work for them.
100 Pence= 1₤
1.00 GBP= 1.53549 USD
1 US gallon = 3.78541178 liters
current petrol prices=92.7P/liter
92.7 x 3.78541178= ₤3.509076
₤3.509076 x 1.53549=$5.388151
In the UK they are paying $5.38 a gallon. Prices are currently down. In some places in June 2008 they were paying ₤1.99 a liter or $11.50 a gallon.
Just food for thought, but I hope the rest of you are right. I like that I can fill the Scion up for $19.
In the end I'm just an optimistic pessimist. I hope for the best but expect the worst.
