1. If you're wondering why pump prices are up this week blame it on the US. Strong economic data from the Fed has rallied the dollar and since everybody pays for crude with the greenback oil suddenly got more expensive.
This is what happens with a commodity vulnerable to every ebb and flow of so many different economic and geopolitical factors. Oil has actually gone down a touch in the last day but the fall was quickly eclipsed by the stronger value of the dollar.
|2. And if America's economic recovery continues that's going to push prices further and analysts are saying that 2012 will see the highest price ever for crude at $150 a barrel.
All of which makes FairFuel's constant calls for a duty cut absolutely right. Ignore these obvious financial indicators and the UK will sleep-walk into a period of economic decline and more recession.
|3. I've said this before, but as we approach the budget it needs to be stridently repeated. The cost of oil has passed the stage where the current Treasury fuel duty model in the UK is sustainable and it now represents one of the greatest single threats to this country's economy.
Manage, understand and control this corrosive tax before it pushes UK businesses and families over the precipice. And start by making an announcement in this budget that fuel duty will be going down, not up. Mr Osborne, this is a financial imperative that won't make you look weak - it'll make you long strong. The global financial markets will respect your sage judgement. Trust me.