The last year or so has been pretty good for car owners, as the global price war over the cost of a barrel of oil has seen prices per litre hovering at just above the £1 mark -- around a third cheaper than fuel cost seven or eight years ago.
It's thanks to the work of OPEC and its kingpin Saudi Arabia, which led recent talks expected to result in a cut in crude production of around 4.5 per cent or 1.2 million barrels per day, kicking in from January. When the news broke last night it was exciting enough for the money men to lift the price of crude by eight per cent in a matter of hours, a cost that'll probably start filtering through to the forecourts by lunch time, seeing as it always goes up quicker than it comes down as far as us end consumers are concerned.
The fine balance of global production is unlikely to see the oil price hit the $100+ highs of a few years ago, mind, as once it gets over its current $50 dollar a barrel level the frackers are likely to come back online and ramp production back up again. Plus I heard someone saying they're thinking about buying an electric car. That'll keep it low. [This is Money]