Posted by AuntieMel on August 17, 2005, at 14:42:48
In reply to Re: Some US gas information » AuntieMel, posted by NikkiT2 on August 17, 2005, at 12:10:23
Very true. The prices over there are much higher. I was talking about the percentage rate of price increase.
Last time I was there I was calling it "a buck a quart."
Actually it was 79p/litre.
At 79p/litre in the 2002 currency exchange rate (.68) it was actually 1.16 USD/litre or 1.10/quart.
If (really big if) you could find petrol over ther at 79p/litre at today's exchange rate (.55) it would cost 1.43 USD or 1.36/quart.
That's - for an American traveler - an increase of 30% in dollars without a rise in oil prices.
Since oil is sold on the world market and it is quoted in USD and we are competing with other countries (and currencies) the quoted price of oil looks like it jumped more than it would look in countries with a better currency.
The almighty dollar isn't almighty.
poster:AuntieMel
thread:542668
URL: http://www.dr-bob.org/babble/social/20050813/msgs/543025.html