And you thought $1.70 was bad.
A new report issued by the Australian research institute CSIRO warns that the price of a litre of petrol could soar as high as $8 AUD within the next decade if current fuel consumption and production trends continue.
The aptly-named Fuel For Thought study believes that unless something is done to address the world's escalating demand for fuel, prices for the commodity are just going to spiral ever upwards as oil reserves run lower and lower
Not only does this spell disaster for us petrol-lovin' hedonists, but the global economy would surely grind to a halt once fuel becomes so prohibitively expensive.
The cost of road and sea transport would drive up the price of both imported and locally produced goods, while products that use any kind of oil-derived plastic would also become beyond the reach of the common man.
Eventually, lawlessness would ensue and outlaw gangs would roam the roads of Australia, brutally murdering anyone foolish enough to get between them and a tanker full of oil.
But seriously folks, this is bad. The way things are looking, petrol will probably reach the $8 point before 2018 rolls around and I don't know about you, but once Tata start making those air powered cars I'm gunna buy me one and head out to my secret outback bunker to escape the madness of a petrol-deprived society.
Better bring my sawn-off shotgun too, never know when you might run into those darn bikers.
[ABC News, image courtesy of Village Roadshow]