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THE ONGOING TURMOIL in the world’s stock markets – which are recording yet more heavy losses this morning – could potentially make it cheaper to fill your car and heat your home.
The price of oil futures – which traditionally tends to hold steady, if not rise, during market turbulence – has fallen under $80 per barrel this morning for the first time in almost a year this morning, standing at $78.36 in pre-trading in New York.
Prices had stood at $81.31 at the close of business yesterday. This morning’s fall means the price of oil has fallen by 10 per cent from its closing price on Thursday evening.
This morning’s steep drop marks the first time that oil has cost less than $80 a barrel since September 29 of last year.
By comparison, on April 29, oil was trading at $113.93 per barrel. Oil hit its all-time peak on July 14, 2008, when a barrel cost $145.29.
The drop in prices should take some time to filter through to the petrol pumps and to home heating oil suppliers, the steep drop in prices should mean that in a few months’ time it’ll be cheaper to drive – and to buy heating oil for the winter.
A survey published yesterday found that the cost of motoring had risen by almost 6 per cent in the last year, largely as a result of rising fuel prices.
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Hi Belgium,welcome to the group of debt,take a seat,Ms Merkal will see you in a moment!
Sounds a lot like Ireland especially the no government part.
Where have those half elected idiots been for over 500 days? Have they not seen Ireland,Greece and Portugal imploding with similar problems? At this rate the game is well and truly up. It’s frightening to think what’s coming down the track for all Europeans. I’m innocent. Get me out of here!
King Albert should just dissolve parliament, call a constitutional covention and rule directly in the intervening period for the sake of the Belgian people.
It’s frightening, given this crisis, how readily some people give up on democracy and embrace tyranny.
Tyranny come in many forms.
Is it not a form of tyranny to deny the people a representative government for two years because people are so entrenced in their positions?
Sometimes an autocrat is less tyranncal than an abusive democracy, and in this case “democracy” has failed the Belgian people.
Steven. The reason that there is no Belgium Govt. is that the Govt’s of the respective parts of Belgium. Flanders and Wallonia have the vast majority of powers that are required. They refuse to continue with the charade that Belgium is a functional state. They are ignoring Belgium and getting on with the business of Govt.
Belgium should have been broken up 20 years ago.
Belgium should never have been created in the first place
Belgium and France are the next countries to be bailed out, Spain might be there with a photo finish.
Belgium is really the cultural part of the Netherlands joined to the rust-belt part of France. The two parts should re-join the states they naturally belong to (France and the Netherlands). Problem solved for both. Brussels would then become an independent city state and the capital of the new United States of Europe (since Berlin would never be accepted.) With political-economic integration, the current problems with the Euro would be over. Otherwise, it’s back to petty nationalism and fiddling around with money every time you cross one of those silly borders, with the banks making a profit every time.
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