Record Gasoline Prices Hit Europe Hard
So if oil is not the culprit, than what can European drivers blame new record high prices at the pump on, and what will be the effect on the already struggling economy?
According to a Bloomberg, the European average in the 27 EU member states sits at €1.69 per liter ($8.44 per gallon), as Germany, France, Greece and the UK all at record high levels.
This has obviously put a damper on spending, as one leather clothing salesmen reports he’s driving less and has been forced to take cheaper vacations.
However, it’s not simply a question of greed from “The Man”, as oil companies have been forced to close the most European refineries in 30 years due to lack of demand.
With further budged cuts on the horizon, there’s little government can or will do about this situation. And with inflation hitting hard in countries like Italy, the buying power of the motorists is ever decreasing.