Gosh, it wasn't that long ago that it was under $12. I wondered "why is fuel going up so much lately" and a quick look at the spot prices seems to show that crude is going up too.
strangely however compared to a few years ago it is only just re-gaining ground on the 2008 prices ...
I don't recall paying AUD$1.4 / liter for fuel back in 2008 ... so why the spike now?
Is it just that the real value of the dollar is falling? Personally I find currency fluctuations make looking at things difficult ... so lets toss in gold values from Kitco(instead of that fiat paper monopoly money stuff)
So while oil went from US$85 per barrel up to $137 and back down to US$34; gold had a trip up to US$1000 / ounce and back down to US$700, so it seems to be following gold at first glance.
So maybe my $1.40 is only worth what $1 bought me in 2008 ... I don't like that inflation rate.
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Here in Toronto, Canada, the gas price has jumped and stayed at around $1.10 to $1.20 after the Harmonized tax, which basically another tax on top of the existing tax. The current price is not too far off from Australian gas prices. I don't see gasoline price coming down any time soon.
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