At last – 99p petrol is here… in Birmingham January 12, 2015 Motorists can finally fill up their tanks for less than £1 a litre – as long as they’re prepared to drive to the Midlands. The bargain petrol went on sale at the Harvest Energy service station in Birmingham for 99.7p. The motoring organisation RAC said the price was the lowest it had seen in the [...]
George Osborne warned oil and gas firms cannot afford North Sea tax regime January 11, 2015 The chancellor must drop taxes on North Sea oil and gas firms as quickly as he raised them, Oil & Gas UK said yesterday. Following the Autumn Statement in December, the Treasury said it would introduce a single basin-wide investment allowance, designed to “reward investment and simplify the tax regime”, as part of a package [...]
Falling oil prices help the UK close its trade deficit January 9, 2015 The UK's trade gap is narrowing, as falling oil prices drive down the price of imports relative to exports. According to the Office for National Statistics, in November last year the deficit fell to £1.4bn – a decrease of £1.1bn from the previous month and lower than any point since June 2013. This [...]
Federal Reserve upbeat on growth prospects thanks to collapse in price of oil January 7, 2015 Falling oil prices should give another boost to the economy, officials at the Federal Reserve said yesterday, despite the damage being caused to US oil and gas producers. Minutes from the Federal Open Markets Committee’s latest meeting show the policymakers believe the net effect will be positive. The price is falling both because of strong supply [...]
World Bank urges states to fix finances as oil prices stay low January 7, 2015 The World Bank has warned developing countries to build up crisis buffers while oil prices are low. The organisation said the developing nations were “faced with weaker export prospects, an impending rise in global interest rates and fragile financial market sentiment”. The use of fiscal stimulus as a response to the financial crisis means many [...]
Tesco, Morrisons, Asda, and Sainsbury’s cut petrol prices as Brent crude falls again January 7, 2015 The UK’s supermarkets are cutting petrol prices as the falling price of oil fuels a pump war. Brent Crude dropped below a symbolic threshold this morning, sliding below $50 a barrel to $49.99. The supermarkets had already blinked, however. Asda capped its petrol prices at 107.7p per litre and diesel at 114.7p from 1 January, [...]
McDonald’s out of fries in Venezuela as tight currency controls worsen food shortages January 7, 2015 Things have got so bad in Venezuela that the Golden Arches have to serve up fried yuca instead of French fries. McDonald's 100 franchises in the oil-dependent state have totally run out of potatoes, forcing them to substitute with regional staples like yuca and maize arepas. Latin America's biggest McDonald's franchise holder Arcos Dorados is [...]
Energy bills set to shrink as oil price plummets January 6, 2015 OIL PRICES continued to fall yesterday, after driving markets down on Monday. Brent crude stayed below $53, the lowest it has been since 2009 and fell to as low as $50.85 during the day. Meanwhile US benchmark WTI remained below what ETX Capital strategist Daniel Sugarman termed the “psychological barrier” of $50 a barrel. Consumers [...]
Oil prices are falling again as Brent crude edges closer to $50 a barrel January 6, 2015 Brent crude is flirting with the $51 a barrel mark, falling again on Tuesday after yesterday’s carnage. Considered an international benchmark, it fell $1.42 to $51.64 in early trading, despite data showing 17 US oil rigs stopped operating in the week leading to 2 January. The fall takes the number of rigs to 1,482 which, [...]
Oil prices sink below $50 a barrel as petrol costs tumble January 5, 2015 Boost for motorists and airlines as petrol costs tumble… yet the speed of black gold’s collapse spooks global markets. The price of oil slid further yesterday, providing a boon to motorists and fuel-dependent industries, yet contributing to market turbulence throughout the world. American crude crashed below $50 a barrel during trading, while benchmark Brent tumbled under [...]