Back in 2007 the cost of a barrel of oil was US$130.00
The Australian dollar was worth US$0.82
The price of petrol was per/ltr $1.55
We were told the high price of petrol was because of the high price of oil & the low Australian dollar, yep okay makes sense I guess.
No 5 years later in 2012,
The cost of a barrel of oil is US$1.06
The Australian dollar is worth US$0.96
Yet petrol is selling for per/ltr $1.60
Were we paying to much then, or are we paying to much now?