If you're reading this in England, then you're all too aware of the price of petrol. But for my readers in other parts of the world, consider yourselves lucky. Remember in 2008 when the price of oil was at an all-time high ($147/barrel), and petrol cost us about $4/gallon in America? At that time, the price of petrol in England was £1.19 per litre - the highest it had ever been. Skip forwards to today when the price of oil is nearly half what it was in 2008 (now $80/barrel), and the price of petrol is now £1.20 per litre. Or to take the maths out of it for you, $6.77/gallon (converted to US gallons). Over 70% of that is tax. The chancellor just added another 3p / litre in tax phased in over the next 10 months, and if you consider the fluctuating cost of oil, by the summer the price of petrol in England is likely to be around £1.30 / litre, or about $7.35 / gallon (if the currency exchange rate stays the same). If you live in London you're doubly screwed because the daily tax to get into the city is £8 (about $12) and if you have actually park, that can easily be another £40 (about $60) a day.
Worst case scenario then - filling up your car could cost £60 a week ($90) and if you work in London, you'll pay £240 (about $360) a week in taxes and parking.
Think about that when we're filling up for $3.50 a gallon and spending 25¢ every 30 minutes in a parking meter.
