Gas hits $7.51 for British drivers

LONDON, Jan. 5 (UPI) -- The price per gallon of gasoline in London reached a record, topping more than $7 per gallon, creating a headache for the British economy, executives said.

The average price for gasoline in the United Kingdom hit $7.51 per gallon because of an increase in the fuel duty and taxes, the Platts news service reports.

British drivers pay more for gasoline than any other country in the world and the current price tops the previous high-water mark of $7.15 set in May.

Edmund King, president of the British Automobile Association, said low-income households "simply can't afford this." Brian Madderson, chairman of RMI petrol, told the news service that he didn't see any relief at the pump any time soon.

Energy analysts blame a rise in the price of crude oil for part of the increase in gasoline prices. John Hofmeister, a former president at Shell Oil, told the Platts news service that energy shortages and record-high gasoline prices were on the horizon because of high demand and ineffective governing.

Hofmeister said U.S. consumers should expect $5 per gallon at the pump by 2012.