Do you remember the golden days when petrol was less than £1 per litre? Well, what if those days were no longer just a memory?
Thanks to the discovery of vast amounts of oil in the UK, labelled “of national significance” by UK Oil & Gas Investments (UKOG), those days just might be back. And it may be a welcomed discovery by motorists across the whole of the UK. In fact, it might even see petrol prices fall below the £1 mark, for the first time since November 2007.
UKOG estimates that there could be up to 100bn barrels worth of oil at Horse Hill, near Gatwick Airport. This is more than double the total amount of oil extracted from the North Sea to date. UKOG believe that this oil alone will satisfy up to 30% of the UK’s oil demand by 2030.
No motorist likes high petrol prices and we’re so happy that it’s no longer 141.9p per litre like it was in April 2012. That was the highest it’s been in the UK since WWI. Recently, in January, we saw prices drop to just 106.24p per litre, which almost seemed too good to be true but it may drop even further.
We think UK motorists will rejoice in the low petrol prices and spend more time on the roads. It’s nice to know that, with summer just around the corner, that a trip to the beach won’t cost you an arm and a leg.
However, as more motorists get back on the roads, the risk of driving will also increase. So make sure you’re covered and have the correct car insurance policy.