T: 01242 620894 E: info@mypoweruk.com

Oil price fall starts to weigh on banks


It didn’t take long for the PR machines retained by the banks to try and depict the falling oil price as a bad thing for the wider economy. This article in today’s FT suggests that because, for example, Barclays, face losing $850 million on speculative loans to oil companies, the rest of the economy is toast. We think this is more special pleading from a banking sector which has simply become hooked on state bail outs.


http://www.ft.com/cms/s/0/c9f4e9e8-757c-11e4-b1bf-00144feabdc0.html#axzz3KFq28ro1


 The wider economy benefits massively from falls in the oil price because people spend less on filling their cars. This means there is more money in people’s pockets which can only be a good thing. There would be even more disposable cash circulating if the government didn’t tax fuel so heavily but while even a cartel as strong as OPEC cannot resist market forces, HM Treasury, it appears, certainly can. We can only hope that once people wake up to the benefits of cheaper imported energy, the penny might drop that we’d be even better off if we didn’t import any at all and investment in long term renewables might not be so batty after all.

News Headlines

Tesla will soon face serious EV competition from Porsche

Gas, nuclear and coal generators told to produce less electricity this summer

British Gas is increasing the cost of energy by 5.5% this month

VW is still dealing with the fallout from #dieselgate in the US

Audi is joining the all electric club with a new SUV

UK electricity demand being generated by renewables just keeps growing

Saudi Arabia is going to build the world's largest solar project

Electric air transport on the horizon

Spat between Aston Martin and Rolls Royce

National Grid planning a network of superfast chargers at UK motorway services

California is racing towards a solar future

Porsche and Daimler Benz increasing EV commitments

UK industry pays 33% more for electricity than the rest of Europe

Former Energy Minster pleas for government to bankroll expensive Swansea tidal lagoon

Gloucestershire drivers are leaders in the electric car uptake

A compelling business argument for solar

The potential for solar across Africa is huge

UK's reliance on imported gas could soon backfire

Fuel forecourt operators have a serious choice to make with EV charging

Mypower shine to win another Solar energy award