It’s the cheap oil, stupid: how petrol prices could decide the 2015 election
This story is a small chink of light in the current dark world of top down austerity local authorities are facing. Once the falling oil price fully trickles through to the pumps rural authorities should be able to save a few bob. I do suspect (all things being equal) this will be relatively transitory and it would be a bad idea to shore up long term services with projected savings from this “global economy” bounty. This article tells us:
Falling oil prices could be a decider in the coming general election, lifting the spirits of car drivers and pushing to one side thoughts of endless Osborne austerity.
What looked like a flash crash in the oil market is turning into a longer term depression that will delight businesses and households in every major economy.
Not only does it have the capacity to cut the cost in the UK of petrol, heating oil and the price per therm of gas, which tends to track the oil price, the falling price of crude does everything a chancellor might want – except promote climate change policies.
A report by Opec forecasting that demand for oil will fall next year and a separate study showing US stockpiles growing were the trigger for another round of selling on the oil markets on Wednesday, driving prices down further. The cost of a barrel of Brent crude has already fallen by 40% since the summer and the outlook for next year means it will keep heading south for some time.