British drivers are likely to feel some serious pain at the pumps this summer as crude oil prices are approaching the peak of $78.65 per barrel that they hit last year. Gasoline prices in Britain are likely to top £1 a liter ($7.60 per US gallon) after production problems in Nigeria caused a runup in price of brent crude to over $76 a barrel.
With US gas prices having settled in at around $3 a gallon in many areas since Memorial Day it won't be a surprise to see our fuel prices leap in the next few weeks if the the price of crude stays up. If world prices go higher it would not be unreasonable to see $4 a gallon by Labor day. Maybe John Dingell's carbon tax plan will be a meaningless exercise if gas prices continue to climb.

[Source: The Gaurdian]


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