If everyone in North America reduced their consumption by 10%, that would save approx. 2 million barrels a day. What would that do to the supply and demand equation?

Tim, Toronto,

The price of Diesel has been over £5 per gallon for some time. My local Sainsburys is charging 118.9p per litre. That is £5.40 per gallon. I notice the government are keeping their mouths shut regarding the extra 4p per litre they are making in VAT on the increases. They don't care. More tax to burn

phil, Rugby, England

Why oh why does the media have a fixation about a gallon! I stopped thinking in terms of gallons years ago. Can anyone buy a gallon of petrol in the UK? Using gallons in headlines is self defeating as I reckon no one understands the impact. However, as Dave said earlier, £1.25 a litre hits home!

Geoff, Stafford, UK

Andrew Evans, London: You CAN use oil to hedge against the falling dollar; if the price of oil rises faster than the dollar falls you'll make a profit. And that's exactly what's been happening. Plus, when this many investors are buying dollars to speculate on oil, it also props up the dollar...

Latch, Cambridge, UK

The "term oil"or tumoil in the Oil/Gas industry is compounded by the shortage of vessels and equipment and the replacement of "ancient "equipment now doubled in cost in the last 2-3 years .

The price of petrol will always increase ...Gas to liquids may be the future for clean fuel .

A.Laing, aberdeen, scotland

"Speculation" is not a dirty word. Remember in a "trade" one supplies and the other buys - it is two sided. The traders are lining the pockets of the oil producers, who pay paxes from whom the government takes big taxes (to spend on things like benefits and NHS).

Mark, London,

What a joke. You cannot hedge against the falling dollar using oil.The reason for this is that because oil is priced in dollars you have to buy dollars before you buy oil. Oil contracts expire every month when you have to take delivery of the oil. Oil is going up because the supply peaked 3 years ago.

Andrew Evans, London, UK

The government has benefited from the high prices, their revenue increases with prices, so they have been enjoying extra billions, they don't want to reduce it.

But everything is affected. The country depends on oil for food and product distribution. I will be cripppled in the near future.

James, Derby, UK

We all know this, but when will the government stop speculation like this. People should be forced to take delivery of all goods they purchase. The rich get richer - under Labour without question. This is success built on the backs of the poor and downtrodden. Sounds like Labour!

Frederick, London, UK

We have lousy outdated capitalist Govt and CEO's who are useless bunch of ???? Only one person in this world can teach them a joly good lesson and THAT IS Hugo Chavez.

Harish, Croydon, UK

Wellcome to Russia to fill your cars for $0,8 per litre

Boris, Nizhnevartovsk, Russia

It's time the goverment cut the tax on fuel.
It's obvious they do not want everyone to switch to public transport otherwise they would lower the fares but then they would get far less tax and the british public just sit back and take it.

Ken, London,

Time to introduce new technologies and stop being held hostage by those in the middle east and "Big Oil".

John, London,

Perhaps U-Turn Brown will reverse his decision to increase Tax on fuel by 2p this October?

adrian, aldershot, England

End user licences required for thsoe oeprating on patroleum exchanges above certain value order size. It makes no sense to allow funds to purchase aseets they never intend to take delivery of. OPEC is right supply is sufficient for demand, the source of this price rise lies elsewhere and needs fixed

Michael, London,

If prices continue to rise like this, it won't be long before it'll make economic sense for us all to stay at home on the dole.

GK, Chester,

SURELY WE HAVE REACHED THE POINT OF CAPITALISM GONE MAD

Speculators are causing chaos on a global scale; in food, housing, banking ...

It is sheer madness!

John, Liverpool, uk

Time to rope in the oil producers and speculators I think.
Cut demand dramatically.
So, use buses, car share on the commute, walk to school, cycle, introduce a mandatory 10mph reduction on all speed limits.
Who in Gordon's star array of cabinet ministers will take the lead?......and see it through!.

calum mcneill, Portsoy, Scotland

yes but only in britain

bob thorpe, brighton, uk

it's already £1.25 per litre (not a gallon) on the motorway

Dave, London, UK