2015 UK car insurance industry watch covers the most important news stories, trends, research, opinion and developments for 2015.
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Fuel Prices at UK Forecourts Continue to Tumble
January 2015 brings continuing great news for motorists across the British Isles as fuel prices remain low and could still fall further! In fact as at the time of writing (05.01.2015), U.S. oil prices have dropped below $50 a barrel for the first time since April 2009 on concerns that the market will remain oversupplied in the coming months.
In addition, if you buy your petrol from any of the big four UK supermarkets: Tesco; Sainsbury’s; ASDA or Morrisons then you will be further delighted to read that all four big supermarkets have announced that further fuel price cuts will very soon take effect, bringing petrol ever closer to £1 a litre.
Many motorists will struggle to remember the last time that prices at the pump were falling so consistently. Much talk in the past has always been around the fact that fuel prices seemed to go up like a rocket and fall like a feather. However, this time things are different as retailers and oil companies such as BP, ESSO and Shell have been quick to pass on savings at the forecourt.
So, what are the real drivers of this fuel price reduction? Well, reports have illustrated that there is a glut of crude from Saudi Arabia flowing on to the market and rising stockpiles. The Paris-based International Energy Agency, the leading oil think tank, has stated within the recent past that the world will consume less crude than experts had thought this year. Saudi Arabia’s supplies are running at the highest levels for many a month and crude from Libya is back on the market.