…there before me was a black horse! Its rider was holding a pair of scales in his hand. Then I heard what sounded like a voice among the four living creatures, saying, “A quart of wheat for a day’s wages, and three quarts of barley for a day’s wages, and do not damage the oil and the wine!”

The International Monetary Fund (IMF) recently warned that a successful oil embargo against Iran could cause oil prices to jump by at least 30%.  But already Britons are being hit with record fuel prices, as fuel stations are running dry because a major oil refiner went bankrupt and stopped shipping out fuel!

In February, 2011, gasoline (petrol) prices in Britain hit at least $9.67 per gallon.  British media now reporting that diesel prices could pass 1.45 pounds per liter (that’s U.S.$8.60 per gallon), with the average diesel car, not truck, driver paying more than $156.00 for a fill up!

Back in 2010, diesel cars became the most popular vehicles in Britain, because diesel fuel was a little cheaper, per gallon, than gas. I say was, because in May, 2011, diesel fuel prices in the U.K. finally went higher than petrol.

Now, the giant Coryton fuel refinery in Essex, England, stopped fuel shipments on January 24, 2012.  Coryton’s Swiss parent company Petroplus filed for bankruptcy, as they fell victim to the ongoing credit crisis in Europe (you see capitalist corporations don’t operate with cash, they operate on loans, just like Mitt Romney).  13 banks, including Morgan Stanley, Deutsche Bank and BNP Paribas, froze Petroplus’s credit accounts (can someone please freeze the credit accounts of our capitalist leaders here in the U.S.?).

But just because they stopped shipping out fuel doesn’t mean they’re not making it.  In fact Coryton officials admit they’re now hording all the fuel they make: “Our immediate priority is to continue to operate the Coryton refinery and the Teesside oil storage business without disruption while the financial position is clarified and restructuring options are explored.”–Steven Pearson, joint administrator

Now throw in the fact that fuel tanker drivers are on strike at another British refinery.  That strike is blocking supplies from getting to 340 fuel stations in Britain.  By January 26, 2012, filling stations in Britain began reporting they were out of fuel, after customers rushed to fill their cars when news of the fuel supply stoppage was heard.

“There is no doubt the loss of supplies from a major U.K. refinery, plus the problems in Iran, is going to give the speculators a field day. When they speculate, the only way is up as far as  fuel prices are concerned. Motorists are going to have to get used to seeing prices creeping up.”–Edmund King, The Automobile Association