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A few weeks ago I was listening to some economist say that petrol prices would probably be soondown to under a quid a litre. I thought 'yeah, right....'
Yesterday I passed a garage with it at 99.7p. Blimey! From memory it peaked at about £1.40 a couple of years back. Thats a hell of a reduction.
So...how come? Its not like the middle east is any more stable. Far from it! Is this the Chinese economy slowing down, reducing demand? And is it likely to be long term?
OPEC forcing down prices in response to cheap energy prices from shale gas?
last research I read was that demand wont put any pressure on supply anytime before 2020. There's obvs global politics at play as well, but it's not such a powerful force in price control as sheer brutal supply & demand economics.
I thought that it became viable for the americans to start extracting their own oil, so OPEC drove the prices down.
The added advantage for the americans was that it put even more pressure on Russia.
Bombing the shit out of the competition seems to be working, we should try it with bicycle manufacturers