Oil prices have now fallen below the $50 a barrel mark - good news for us all, one thinks.
Industry and agriculture benefit and consumers too in many ways, from cheaper fuel to cheaper prices for goods. However the story behind the headlines according to the International Energy Agency is that the era of cheap oil is over.
By the last week of November, US light sweet crude fell to $49.06, while London-traded Brent crude fell to $48.90 a barrel. The price of oil is around two-thirds cheaper than in July, when it hit a record above $147 a barrel. Members of oil cartel Opec are to meet on November 29, after opting to cut output by 1.5 million barrels per day.
Predictions are for a rebound in prices as soon as the world economy recovers from recession. When does the economy recover?
There is no guarantee on that. But it looks like we’ve had a taster of what higher oil prices are like - most of us felt the strain and none of us liked it. Enjoy the benefits of the cheaper fuel now - because the experts insist it will not last.
Time maybe to start looking into green renewable energy sources?