Fuel Costs Under the Microscope

Have you ever complained about to cost of fuel? Here is an interesting table that gives some food for thought.

The Index starts in 2010 at 100 and you can see that prices have actually fallen recently, in the post-recession period.

Petroleum costs are an indicator of economic activity. The use of new technology - drilling ever deeper undersee and new extraction methods - such as tar sands, are reasons for the price falling. Not to mention slower growth in world economy and alternative energy sources. Countries like Saudi Arabia rely on oil sales for the state machinery to function. Thus, petroleum sales continue, even when prices are low. 

Plastics, fertilizer, transportation, food shipping and the cost of looking for a job, or going to work. The price of petroleum affects almost everything in the modern world.  Money cannot buy you love they say, but you cannot top up your car without it.   

If you want to compare fuel prices to your salary at the time, you can use the: Bank of England - Inflation Calculator.

Please click below:

Fuel costs since 1977. The Index starts in 2010