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When the Levee Breaks, How Many More Fuel Increases Can We Take  by: Gordon Rant The aftermath of Katrina has affected more that just New Orleans and the surrounding gulf coast. There are huge financial implications associated with the catastrophe, from the initial humanitarian aid to the rebuilding and repairing needed to get the local area back on its feet. Eight oil refineries shut down as a result of Katrina could take many months to restart. The Gulf Coast is a prime supplier of oil, through pipelines now shut due to lack of power and ocean-going barges unable to load from ports eradicated by the storm. From a global perspective, the loss of oil production in the area is sending shockwaves through the world’s financial institutions and economies. Even before hurricane Katrina’s damage to oil production the price of fuel has increased to a major degree. The following data compares price increases from September 2004 to August 2005 in the United States of America and the United Kingdom. US Fuel Price Increases September 2004 Unleaded: £0.28 ($0.48) per Litre Diesel: £0.29 ($0.51) per Litre August 2005 Unleaded: £0.38 ($0.67) per Litre Diesel: £0.39 ($0.68) per Litre UK Fuel Price Increases September 2004 Unleaded: £0.87 ($1.59) per Litre Diesel: £0.83 ($1.52) per Litre August 2005 Unleaded: £0.96 ($1.76) per Litre Diesel: £0.94 ($1.73) per Litre In the United Kingdom, motorists are burdening more fuel increases with the price of 1 litre soon to exceed £1 ($1.84). About 65% of the price UK motorists pay goes to the government in tax so the additional revenues generated are unlikely to direct the government to rebalance tax levels on fuel unless the wider economy comes under threat. "...If it keeps on rainin', levee's goin' to break And the water gonna come in, have no place to stay..." When The Levee BreaksMemphis Minnierecording of 1929 written after the devastating Mississippi flood of 1927 My next visit to fill up my car is once again bound to force a whimper from my wallet especially when the litre dial spins at the same rate as the total cost dial. But as my day to day problems range from the extra few pounds I have to pay on the weekly fuel to what colour to paint my children’s bedrooms, I consider myself very lucky and certainly very selfish... shame on me! About The Author Gordon Rant writes and sources articles for http://www.search-4-loans.co.uk, http://www.loansense.co.uk, http://www.personalloans.loansense.co.uk, http://www.homeownerloans.loansense.co.uk, http://www.homeequity-loans.co.uk, http://www.debt-consolidationloan.co.uk, http://www.the-loanshop.co.uk. This article was posted on October 01, 2005 Read More Articles from the "Politics and Government" Category: Local Government Politics - How To Be Effective? by Al Arnold Democrats Will Not Win House, Republicans Will Lose It by Richard Stoyeck An Angry Democrat Speaks Out by Mary Ann Boulette Arnold's Office Refuses To Comment by David Ben-Ariel Pro-Lifers Stand Together: Honk If You Love Protesters by Rachel Starr Thomson The Cuban Cigar Embargo by Jennifer Marie Jordan America: Police State Incorporated by Andy Carloff Moving Day in Gaza?! by David Ben-Ariel A Response to the Religious Right by Joseph T. Amodeo Edward Abington: Political Prostitute by David Ben-Ariel << Back to "Politics And Government" Index

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