Petrol in Ballinspittle is only €1.819/lt today. That’s the cheapest I’ve seen in a long time.
After listening to this Planet Money podcast about the cost of gasoline I wonder if we will have expensive petrol and diesel forever? Reason being, it’s unlikely that new oil refineries will ever be built again as demand for oil products plummet in the next decade. A guest on the show predicted that a barrel of oil will be $20-$30 in ten years time.
Electric cars are becoming a lot more attractive, but I won’t be looking to buy a new car for quite some time.
For you, my American reader, there are 3.78541 litres in a US gallon. That means the price of gasoline/petrol here is $6.89/gallon.
Aside from all this, the reduction in oil production will have a detrimental effect on sulphur production. It’s a by-product of that system and used by the metal and fertilizer industries. It’s cheap as chips now, but if there’s a shortage, the price of food will skyrocket.
Yikes. Any good news about the future?