Belfast Telegraph

Sunday 31 August 2014

Pound's fall not helping fight against fuel rises

As one who is forced to fill up the car with fuel far too often than I'd like, the price of crude oil has quietly climbed to a four-and-a-half month high, according to a learned statistician.

Unrest in the Middle East hasn't helped, but the price has also been boosted by the fall in the value of the pound against the dollar. Back in December you could get $1.63 for your pound but that's fallen to $1.57 as the US currency warms to the avoidance of the fiscal cliff.

That means it takes more pounds to buy a barrel of dollar-denominated crude oil but that won't be worrying our statistician too much as he's looking forward to a sharp fall in his fuel bills, moving as he is to driving a car with roughly half the engine power and half the weight of his previous tank.

Maybe we should all follow him and fight the fuel rises?

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