Belfast Telegraph

Striking it rich with oil

By David Elliot

Amid the economic doom and gloom, a ray of light pops into the inbox. Some say our tame economist fills his car up with fuel using the OPEC Secretary General's personal credit card but it turns out The Stat has to pay for it himself.

It was his shock at getting charged £80 for a tank of unleaded that prompted him into action and ask why he was having to pay up when Brent crude has fallen below $100 a barrel.

It turns out that while all this economic turmoil has weighed on the price of crude, the foreign exchange market is to blame for our pricey petrol.

Back in February when Brentlast fell to $100, a pound would buy you $1.60 but now it will only get you $1.535. That means a barrel of Brent is now worth £65.20 while in February it was worth £62.50.

You can't help thinking the oil companies are making a mint, something I know The Stat can't resist when he pays for fuel.