Oil Prices Plummet But Not In Mann

NEWS FROM THE CELTIC LEAGUE

I wrote last week to David Quirk the Chair of OFT on the issue of fuel costs so far an acknowledgement from Mr Quirk that he would look into it by no substantive response.

The text of the letter to the OFT can be found in this post:

https://www.facebook.com/805941286121301/photos/a.806379472744149.1073741828.805941286121301/956545921060836/?type=3&theater

My query was prompted by the decline in prices for (Brent Crude) Oil from $52 a barrel to $32 in just two months.

In the week since I sent the letter the speed of reduction in oil prices at the well head has increased and today Brent Crude is down another $4 at $28 dollars a barrel.

Now I know we get the old adage ‘it takes time for price reductions to work through the system’ but there is no way at all then anything approaching the reduction in the price of oil has worked through to consumers in the Isle of Man over the past twelve months. Fuel prices are probably more competitive and better regulated in Zimbabwe!

The energy rip-off (both oil and gas) of Manx consumers is itself a disgrace. However the inaction of politicians generally and those in the specific agencies like COMIN and OFT which could apply leverage is an even bigger scandal.

Some pundits are predicting that with the Iranian political deal a flood of additional oil and gas on to the International market, coupled with a drop in demand from China, will bring prices tumbling further. Some Oil industry analysts are speculating on prices below $20 a barrel by the spring. Meanwhile the Manx rip-off grinds on!

BERNARD MOFFATT

Issued by: The Celtic News

18/01/16

THE CELTIC LEAGUE INFORMATION SERVICE.

The Celtic League established in 1961 has branches in the six Celtic Countries. It promotes cooperation between the countries and campaigns on a range of political, cultural and environmental matters. It highlights human rights abuse, military activity and socio-economic issues

https://celticleague.net

Mannin Branch Celtic League's photo.
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