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Collapsing Crude and Prices at the Pumps

Geoff Riley

6th December 2008

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The price of crude oil has collapsed by more than a quarter this week – Brent crude is trading close to $40 a barrel less than a third of the level earlier on this autumn. Petrol and diesel prices have come down (there is an asymmetry of media coverage – we hear less of price declines and more of price rises) but, although the price of crude is now at a four year low, the price of diesel has decline only to a level seen at the start of 2008. In the United States where diesel and gasoline is taxed less heavily, the retail price of fuel responds much more quickly to world prices.

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Geoff Riley

Geoff Riley FRSA has been teaching Economics for nearly forty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD and Revision conferences in the UK and overseas.

@tutor2uGeoff

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