Falling oil prices offer some hope

9 October 2008

The price of oil has dropped to an eight-month low, below $90 a barrel, according to the BBC, which states that ‘London Brent crude fell $6.57 to $83.68’. Analysts have pointed out that the financial problems in the US and Europe are threatening a global economic slowdown which could reduce the demand for oil.

Whatever the reasons, motorists everywhere will be hoping that falling wholesale prices will translate into lower prices on the forecourt.

“Petrol is just one of many essential costs which have risen in recent months,” said a spokesperson for Think Money. “Many borrowers are finding it harder and harder to stretch their monthly budget to cover their expenses as well as maintaining their debt repayments.”

“So even the modest falls in petrol prices we’ve seen recently have come as a great relief. Prices are still high, but motorists will be relieved they’re not still climbing – and they’ll obviously be hoping they come down further.”

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