This is actually news:
Supermarkets and petrol stations could cut the price of petrol to £1 a litre in an early Christmas present for motorists.
The American press is similarly celebrating gasoline falling to $1.50 and under.
And, near enough, $1.50 and £1 are the same price.
The difference is that the US price is per one of their funny gallons (around 3.5 litres) and ours is for 1 litre. Both oil and petrol are global markets, the price set in said global market. The difference is of course purely taxation.
Even though we could make a decent argument that US gasoline is undertaxed (by perhaps 50 cents a funny gallon, if we believe Lord Stern), it’s very difficult not to also argue that UK petrol is overtaxed (by some 15 p a litre, if we believe Lord Stern again).