Although I've seen the cost to fill up increase from around $25 to $45 in the past couple of years, during this same period the peak hour traffic has improved remarkably. The typical trip to work in the morning used to take 45-55 minutes, while trips during school holiday periods improved to around 30 minutes. This year I've noticed that the daily commute is only taking around 30 minutes, even during school terms. So, although I'm paying an extra $20 a week on petrol costs, I'm saving around 2.5 hours travel time each week. Unfortunately there is a lower limit to how long the trip to work will take - the distance and the speed limits mean it could never get much less than 30 minutes even with less traffic. So, any further petrol price hikes are not going to be of much personal benefit.
However, there will still be the global benefit of increased fuel costs reducing demand for oil. This will both help to cap further increases in the price of oil, and slow the rate of increase in greenhouse gases.
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