Gasoline Hits Record High $5.79/gallon

Gasoline prices hit a record high Y155.5/liter = ($5.40/gallonish), a record high in Japan.

Prices were higher earlier if paid for in dollars because the yen was stronger at the time.

For Japanese, now is the worst.

High octane gasoline is Y166.5/liter ($5.79/gallon), and diesel fuel is Y133.6/liter ($4.64).

The highs are close to the November 1982 highs.

It takes some 20 days for Mideast crude to make it by tanker to Japan. Price fluctuations are consequently delayed by 20 days.

In the U.S., if someone sneezes in the Mideast, prices jump.

Gasoline demand is sluggish in Japan and competition is fierce. Additionally, you can go anywhere by train in Japan if you are not in a hurry and faster sometimes when you are in a hurry.

Japan is one country that can back off on driving if push comes to shove.

The United States cannot.

Have gasoline prices changed your driving habits? 

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