Even though we have managed to see a slight ease of in the oil price pressure of late, translating into lesser prices for petrol and diesel, and for heating oil, the future price trend is set to rise.
Based on projections by OPEC, the Organisation of Petroleum exporting Countries, petrol prices won't be falling again anytime soon. The group of 12 major oil producing nations estimates that meeting increasing global demand for oil through to 2035 will require £4.6 trillion of investment in building production plants , refineries and pipelines.
The increase in demand for oil is being driven largely by economic growth in Asia. In China the number of passenger cars is expected to increase by 380million vehicles by 2035.
So with demand up, prices will rise too. Simple.
The rush to biomass which is now apparently a threat to forestry as well, is all too understandable.
With the latest nuclear deal with Iran markets are now forseeing a potential glut of oil in the immediate future, spiking the latest predictions of oil price hikes.
