BBC News today (Sunday) : Petrol pump price could pass £1 a liter
To convert to USA numbers: assume an average car has a 12 gallon tank, 12 US gallons is about 45 liters, 12 imperial gallons is 54 liters.
50 liters of gas at 1 GBP a liter is 100 USD a tank!
Oil is at an all time high, and (with natural gas) likely to climb higher as we head into winter. The USA sub-prime mortgage collapse has been generally fingered as the culprit in the international credit collapse and (in the UK) a run on a bank (Northern Rock) - few seem to be asking why so many should suddenly default on their mortgages in the sub-prime market at about the same time - enough to cause international financial market distress. The feds have only ever increased interest rates gradually and in relatively small amounts of 0.25% - the most important fact is that nobody predicted the collapse. Some of the brightest people on the planet working in the big investment banks were caught out.
If the high price of oil was a significant cause of the collapse in the sub-prime mortgage market - then things may be about to get a lot worse. One of the things that amazes me is the contrast between the near panic leading up to the potential year 2000 computer problems (that were properly addressed) and the complete lack of panic for peak oil (which cannot be addressed).
Living car free numbers could soon see significant increases.