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The tumbling price of oil is causing a major headache for the world’s largest companies reliant on searching for and selling the black stuff.
The falling price of crude has led the North Sea’ biggest players including Shell, Chevron and BP to cut jobs and the latter is expected to reveal the impact of the sharp dive in price to $51 a barrel in its annual results tomorrow.
But what does it mean for us punters? Clearly the place we’ll feel it most is at the pumps. Major supermarkets including Asda, Tesco and Morrisons have slashed their fuel prices in the wake of the fall with the average price down to around £1.10 a litre, its lowest since January 2010.
With Britons finally feeling like they have bit of extra cash jangling in their pockets post-recession, a cheaper tankful with come as a further boost.
The price dive has also affected the major airlines. Ryanair said today it has been able to slash prices by between 6 and 8 per cent and subsequently raised its profit forecasts after surging customer demand. However, those of you rushing to book your next swan off to the sunshine on Michael O’Leary’s airline be warned – it has already hedged for $92 barrels of oil next year so it might not be as rosier picture then.