Tank of fuel to hit £100 by 2015
Forecasters have predicted that average cost of a litre of fuel will rise to £1.54 by 2015. Such a rise would see the tank of a family car with a 70-litre fuel tank top £100.
The Ernst & Young ITEM Club made the prediction. The group believes that there will be a brief respite in prices next year, but they'll soar again in 2013.
Oil prices are due to fall next year after the effects of the Libyan incidents and Hurricane Irene have lessened. The following year, the group predicts, demand for oil will boom thanks to surging Asian economies.
Combine this with below inflation wage increases (unless you're a London Tube driver) and consistent fuel duty increases, and you'll end up with a hefty bill every time you fill up.
Neil Blake, senior economic advisor to the ITEM club, commented: "Demand from the emerging markets will maintain the pressure on inflation, as will the increase in fuel duty on the home front.
"The five-year outlook is far less rosy as inflationary pressures begin to bite again and this will be compounded by weak wage growth."
So it looks like we may be in quite a bit of trouble. We best enjoy next year as much as we can then. Or start saving...