Wasted Money on Road Pricing

The government funded Technology Strategy Board has announced that it is to invest £3 million to support six ground breaking research projects that will develop innovative technologies to assist traffic management.

The funding, which will support research in the UK valued at £6 million, is part of the Technology Strategy Boards Intelligent Transport Systems and Services Innovation Platform. This was launched in 2006, in collaboration with the Department for Transport, with the aim of accelerating the development of technological solutions to assist road traffic management, including issues such as congestion, traveller information, safety and integrated travel.

Speaking about the Technology Strategy Boards decision to support the six projects, its Chief Executive, Iain Gray, said, The Technology Strategy Board is committed to stimulating the development of technologies that help address major societal challenges. Traffic congestion has negative economic, environmental and social impacts across the country.

He added, But this challenge also represents a major business opportunity for the UK. We aim to help position British companies to benefit from the growing international demand for intelligent transport systems. The technologies that will be developed by these projects could be applied around the world.

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Petrol Prices and Tax

The 41p is the price that Petrol can be bought and sold on the world market today and is linked to the crude oil price. The crude oil price is dependent on many factors but mainly the demand for oil and actions of producing countries. It is true that oil companies are making record profits but the hard business reality is that oil companies would make those profits without selling a drop of petrol to customers - we would simply sell all the oil on the world market and not refine it into petrol and sell it at petrol stations.

The cost price for the petrol sold changes on a daily basis. For instance, Shell produces only 3% of the worlds crude oil and cannot influence the global oil price.

Prices in the crude oil market are set by supply and demand.

Current world oil price of US$125/barrel is equivalent to 39p/litre. Petrol prices on the world market are 41p/litre. The example below is slightly out of date but the principles hold true.