Oil and petrol price boom looks set to continue
Not much to add to the story trailed in this article – looks like fuel poverty is set to worsen and our transition friends warning of “peak oil” set to grow a step closer!
Brent crude rose $1 at one stage on Wednesday to hit $113 a barrel, suggesting high prices for oil (and petrol) are unlikely to end soon.
The increase was triggered by weekly data from the US government showing stock levels at American refineries continue to decline.
Oil buyers believe pessimistic economic forecasts from the Bank of England and others will encourage a release of more public money into the system via quantitative easing. This will drive economic growth and fuel demand.
Brent blend has already risen by more than 25% since the end of June and spiked to $112.56 earlier this week, partly because of supply issues. North Sea output is declining much faster than expected while platforms are undergoing annual maintenance, which no one wants to rush post-Deepwater Horizon.