How falling oil prices exposed the great green lie: Saudi Arabia’s battle with the US to drive down prices show we’re far from reaching ‘peak oil’
US overtook Saudi Arabia as world’s largest oil producer thanks to fracking
Now Saudi Arabia has flooded to oil market to drive down prices
UK electricity companies are being forced to buy a certain proportion of their energy from expensive renewable sources
By ROSS CLARK
DailyMail.com
15 January 2016
Even though I have been reading about plunging oil prices for the past year, it still came as a pleasant surprise this week when I ordered 900 litres of heating oil.
It came to £264. Three years ago, it cost £609 to buy the same quantity.
I have already been saving money on road fuel. Over the past 18 months, the cost of filling my tank has fallen from around £70 to £53.
But for people with oil-fired central heating systems — which is most of us who live in the countryside, beyond the reach of a gas supply — the savings have been even more dramatic.
This is partly because tax makes up a smaller percentage of the retail cost of a litre of heating oil than it does of petrol and diesel.
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