What was fuel price in 2008

The president said he supports the project because it "will help address the bottleneck of oil in Cushing that has resulted in large part from increased domestic oil production. In January, the president announced the that 38 million acres for oil drilling and exploration in the Gulf of Mexico and the sale is expected to begin in June The announcement is not a new proposal but is part of a five-year plan that was first implemented in , during the Bush administration.

The Obama administration, through Interior Secretary Ken Salazar, announced in that the administration would move forward with drilling and exploration in parts of Alaska, the Gulf of Mexico and the Mid-Atlantic.

Source: Department of Interior list of sales for offshore drilling and exploration. However, after the BP oil spill, the Obama administration instituted a temporary moratorium that was later lifted in parts of Alaska and the Gulf Coast. The administration has maintained its drilling and exploration ban in the Mid-Atlantic, citing the need for more environmental impact studies.

The first post-moratorium opportunity for the industry to buy leases was in December and the June sale is the last opportunity for industry to buy leases to drill until the next five-year plan is implemented in The administration said it will continue exploration and drilling in the Gulf Coast and parts of Alaska but has not committed to opening federal waters off the Atlantic and Pacific coasts, which are areas pro-oil drilling advocates want opened and are among the reasons they frame the Obama administration as anti-drilling.

Another point of disappointment among drilling advocates is that the industry faces higher prices for leases and additional safety and environmental regulations, which many oil-drilling advocates say are making drilling more difficult. Reince Priebus: "Well, this president shut down on-shore drilling.

He shut down off-shore drilling. He shut down Keystone. And so now we're sitting in a place where we're no better off today than where we were three years ago. As described above, the president issued a moratorium on new offshore drilling and exploration after the BP oil spill but later lifted the moratorium.

After the BP oil spill in the Gulf, the president rescinded his proposal to drill off the Mid-Atlantic coast, sighting the need for additional environmental impact studies. The president later lifted the moratorium but implemented stricter safety measures and regulations. The American Petroleum Institute, the trade group for the oil and gas industry, says that permits for drilling are being issued 40 percent less than before the oil spill.

Source: American Petroleum Institute statement. The president announced in January of the sale of leases for 38 million acres in the Gulf Coast also mentioned above. But Labour's hopes that some campaigning Tory backbenchers would support its motion and rebel against the government looked set to be dashed as Conservatives hinted they had been told the government would reconsider the rise.

The chart above shows six years worth of fuel data as published by the AA fuel price report. After the announcement last month that the UK had emerged from a double dip recession it will be interesting to see what affect will that have on the governments attitude to fuel duty. The table below shows the UK average fuel prices in litres unleaded 95 octane alongside the amount of tax by month. What can you do with this data? Subscribe to Logistics Management Magazine!

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Petrol and diesel prices have also spiked in several countries including India and South Africa. High taxes largely contribute to the high cost at the pump.

Petrol, diesel and various other fuels are made from crude oil — a yellowish-black fossil fuel that is pumped out of the ground. Many household products including plastics, detergents and clothing are also derived from the non-renewable resource. Higher crude prices have a knock-on effect on several industries, from transport all the way through to manufacturing.

Crude oil is graded according to thickness heavy, intermediate and light and sulfur content sweet — low sulfur, sour- high sulfur.

Light, sweet crude oil is the highest grade. It is easier and cheaper to refine, making it the most sought after.