Quote Originally Posted by Mr. Bloom View Post
ETA: high prices are ultimately a win/win: high prices bring stable employment to the oil economy, but also enhance the viability of alternatives. If we look at this in terms of decades, I do believe high prices are ultimately beneficial even if the short term pain is extreme in the transition...
I agree completely that higher prices enhance the viability of alternatives. I think the point about bringing stable employment to the oil economy is good if you are in a region or industry directly related to oil. What we are seeing in the bulk of the UK however is the situation where families are spending more on fuel than on food. I think something over 60% of what we pay for every litre goes directly to the Treasury in taxes, so the govenment is certainly not losing out, despite its notional drops in duty. As oil prices continue to rise we are looking downstream at higher public transport fares, and are already seeing higher prices for both food and non-food items - those that are derived from oil are costing more to make, and they are all costing more to transport. In the midst of joblosses, pay-freezes and ongoing austerity measures it is sadly difficult to see higher oil prices as an entirely good thing. Much as I enjoy seeing literally scores more cyclists on the road as both petrol prices and temperatures climb.

This thread has been both interesting and educating. I'd never have known that US fuel was so much cheaper because of tax dollar subsidies.