Higher oil prices

Nippon Oil says it will raise oil prices during October, likely lifting the retail gasoline price to its highest level in more than 17 years. Asahi notes that the nationwide average retail price of regular gasoline was 145.4 yen per liter in August, the highest level since 1990, when the Oil Information Center began compiling weekly statistics. Kerosene, used by many people in Japan to heat their homes, will also become more expensive due to the rise in crude oil prices.

Crude oil prices have gone up from about USD 20 per barell 10 years ago to just above USD 80 at the moment, an increase by 400%, that has not been reflected at the gas station to such a high degree.

Here are gasoline prices in Japan, Europe and the US (September 2007)

Japan... E 0.89.. USD 1.26.. JY 145

US...... E 0.54.. USD 0.77.. JY 88
Greece.. E 1.02.. USD 1.45.. JY 167
Spain... E 1.06.. USD 1.50.. JY 173
France.. E 1.28.. USD 1.82.. JY 209
Sweden.. E 1.30.. USD 1.85.. JY 212
UK...... E 1.37.. USD 1.95.. JY 224
Germany. E 1.37.. USD 1.95.. JY 224
Norway.. E 1.60.. USD 2.27.. JY 262

Data for prices in Euro/liter from AARoadwatch.ie - US readers can multiply the USD price with 3.7854 to get the per gallon price.



And, for the first time ever on the Kurashi blog, it being a rainy weekend and all, I decided to show a Reuters photo of a "Race Queen" (pun probably not intended) at the Oyama F1 track west of Tokyo, where a Ferrari is being refueled. What a "waist".