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Does anyone know if fuel is actually dearer now as a percentage of average income than when it went up to 50p a gallon in the early seventies. I was in the army in Blandford running a Viva HB and earning I suppose not much more than £30 a week. I remember the car cost me £400 odd second hand. Can't remember how much tax and insurance was though. So are we paying more percentage wise or not for motoring now?
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A lot less in real terms, but that applies to virtually everything except property. The green argument is that motoring should cost more because the expense of running a car has gone down over the years, as if that was the only thing that has.
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In 1973 petrol went from 34p to 50p / gllonm in a matter of weeks.
I was earning £1500 / yr at the time. If I was a teacher noiw I would earn £30K approx so (3000 /1500) x 50p / gallon = £10.00 / gallon!
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"4p to 50p / gllonm in a matter of weeks"
October 1973 - the world stood on the brink of destruction. Yom Kippur war.
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Not so long after decimalisation either (in 1971?)
Petrol was about 5 shillings / gallon in 1970 (that's 25 new pence) - it's now nearly 5 pounds / gallon.
People didn't commute so far in those days - and didn't expect their cars to have 100+MPH performance either.
Motoring is certainly much cheaper now. The idea of a college/uni leaver buying a new car in their first job was just silly. in fact, investment of any sort - private, company or government - was difficult in the 1970s
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in 1973, when you could get petrol, it actually went to £1 a gallon.
I still have my ration coupons from that time.
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< Ulla>
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think that the price rise might have been to do with the US dollar being devalued in Feb 1973
www.mees.com/postedarticles/oped/a47n33d01.htm
Edited by rogue-trooper on 10/12/2007 at 12:01
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Does the cheaper cost of motoring not also rely on the more modern methods of oil extraction and refining?
Plus cars are made much more efficiently these days. The manufacturing process is extremely lean so that cars can be churned out at a much lower cost.
Its like comparing the cost of household electricals to those of 30 years ago.
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In 1973, the commercial use of compters in manufacturing was in its infancy.
Today almost all mass production is computer controlled and optimised.
Thus reducing labour costs, increasing yields etc.
The cost of FINDING oil has trebled in the past 5 years as equipment and labour costs have risen and the probablity of finding oil has decreased.
In 1973 new oil fields had been discovered: Tunisia, Libya, Iraq, Iran Gulf of Mexico.. and there was a production surplus until OPEC intervened.
Today supply only exceeds demand when OPEC pumps more.
Read
www.ft.com/cms/s/2/471ae1b8-d001-11db-94cb-000b5df...l
madf
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www.petrolprices.com/blog/petrol-price-protests-pl...l Looks like a protest on saturday.
Thanks for telling every one, now we will have every tom ,dick and his dog queing for a teaspoonfull, stopping every body who needs a tank full to carry on working.
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rustbucket (the original)
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If they block any free movement of goods I hope they get nicked and dealt with.
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Oh please people will panic as soon as it hits the news!
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I have an idea! Go and fill up now and beat the rush. Pass it on! ;-)
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