That's because crude oil prices are at their lowest for nearly three years too, owing to lower demand (mainly from China), higher supply (largely from the US) and a stronger dollar (courtesy of the US Federal Reserve).
Here are your truly's observations on the current market permutations via Forbes, and why lower prices may last well in to 2025.
From a UK perspective, at the time of writing this blog, a litre of petrol would set you back on average by 135p (US$1.70), and sub 130p if you happen to a Costco member. In fact, lower prices at the pump are being replicated across Europe.
And average US prices are pretty low this festive season as well, with a gallon of petrol going for $3.145 this week, counting in regional fluctuations around the mark. That's $0.83 per litre or 66p - a price, as always, many in Europe can only dream of!
On that note, it's time to take your leave for the festive week. The Oilholic will be back in Jan. And wherever you are driving or travelling to (or not driving or travelling at all), be safe and merry. Here's wishing you all a great Christmas & a Happy New Year! The Oilholic will be back in Jan, after the holidays.
Keep reading, keep it here, keep it 'crude'!
