Wednesday, August 13, 2014

Despite a slew of international crises the price of oil is unlikely to rise in the near future thanks to rising production from North America, according to the International Energy Agency's (IEA) monthly report. The advance of Islamist militants in northern Iraq and the increasingly unstable situation in Libya have put many investors on edge about the prospect of oil price hikes. While the IEA said the security of some major oil producing countries "remains more at risk than ever," oil supplies are relatively abundant. The Organisation of the Petroleum Exporting Countries (OPEC) has increased output to a five-month high 30.4m barrels per day (bpd). "Despite armed conflict in Libya, Iraq and Ukraine, the oil market today looks better supplied than expected, with an oil glut even reported in the Atlantic basin," the report said.

At the same time US oil production has climbed by over 3m bpd since 2010, with no signs of abating. US production was so impressive that the IEA went so far as call the supply growth "relentless." Back in July, research from Bank of America Merrill Lynch (BoAML) suggested that the US was leading the world in the production of oil and gas, having overtaken both Saudi Arabia and Russia in the previous six months. US oil production has surged by 70 per cent since bottoming out in 2008, while liquefied natural gas output has jumped 40 per cent since 2005. As a result, the country has become far less dependent on foreign energy, spending less than 1.5 per cent of national income on oil and gas from overseas. 

Source Guy Bentley City AM (

Please donate to help the fight for lower fuel prices and a better deal for drivers

Share this Post:    


[ posted by neiallswheel, 13.08.14 15:00 ]

Government has got no theological grip on fuel pricing and fuel security.
The market speculators pay no tax on each transaction that happens in the city of London
Although home grown fuels created to help maintain a sustainable economy are not impossibl
To find (and use) local councils still deny the need to (for example) collect food waste
And turn it into BioMethane to fuel council vehicles. And save tax payer's money.
Saving money in any one part of the budget can be spent on ANOTHER sector.
Fuel duty is managing to starve our economy in exactly the same way by refusing to
Allow other sectors to grow and benefit the parliamentary budget.
this """" no-brainer"""" has gone on for much too long in the UK


[ posted by Mal Dunn, 13.08.14 15:33 ]

I thought we were supposed to be self sufficient in oil and gas by now. That was what we were led to believe when they started producing in the North Sea. What happened? I've been told that we export to other countries and then buy their products back at inflated prices. Don't know if that is true, but it wouldn't surprise me. Petrol is still far too expensive at over £1 a litre.
We were ripped off when they went decimal, gallons to litres. The cost of a gallon now is way over £4. Taking it that there is 4.55 litres to the gallon.
If you work out the cost of a litre at wholesale then add all the other bits to it. This is extortion at its best.
The government don't want to do anything to bring down the price of fuel, mainly because they have their fingers in the pies of the fuel companies as silent directors etc.


[ posted by stephen pearce , 13.08.14 17:14 ]

why is petrol diesal £1.30 to £ 1.40 when a barrel of oil is $104.00 when it when,t to $160.00 the other year we where paying around a £1.00 a ltr then it went way up an oil have come down think we are geting riped off


[ posted by Steve Foster, 13.08.14 18:58 ]

This, as well as previous and subsequent Governments see the motorist as an easy target in raising income for the Govt Coffers. Plus as far as I know Diesel and Petrol fuels are the only commodity in the UK that is taxed twice.......Fuel Tax plus VAT!!! Its about time that Government(s) start tackling the failure of large business organisations, both British and Foreign, who trade in the UK to pay Business Taxes at the current UK rate.


your name*

email address*

Add your own comments below this post. They are very welcome*
You may use these HTML tags:<p> <u> <i> <b> <strong> <del> <code> <hr> <em> <ul> <li> <ol> <span> <div>

verification code*