Can't move for all the oil knocking about.

http://www.telegraph.co.uk/finance/newsbysector/en...

"UK offshore reserves of shale gas could exceed one thousand trillion cubic feet (tcf), compared to current rates of UK gas consumption of 3.5 tcf a year, or five times the latest estimate of onshore shale gas of 200 trillion cubic feet.

Reserves of 200 tcf would put the UK in the top 20 countries with the highest shale reserves, alongside Brazil, and 1,000 tcf would put Britain in the same league as estimates for China, the United States and Argentina, top dogs in global shale potential. "

...

"One senior petroleum geologist working for a major oil company estimates that offshore oil production from shale could drop to $60 and $80 per barrel once the exploration technology matures and is used on a larger scale around the world. Oil currently sells at $120 a barrel."

Nice.

Doubt it will mean anything to the end user though. No doubt the government will just ramp up the tax to keep the price the same and laugh all the way to the bank.

No surprise there then.

The misinformation over oil running out is the biggest crime of the century!

Afraid I have to agree with this.

Cannot see OPEC giving up the levels of price, and profit, the world has shown itself prepared to accept and sustain.

Its not that oil is particularly expensive, its the dollar its priced in (and pound) that are a lot more worthless than they used to be, and will continue to be so long as Bernanke and Merv keep printing currency. Priced in local currencies, between early 2002 and early 2012, the pump price has gone up about 35% in Switzerland (ie, similar to the general inflation rate)where the currency still has faith in it, compared to nearly 100% in the UK, and over 200% in the US.

There being more, recoverable oil/gas than we know about today is likely.

That oil/gas becoming economically viable to extract is likely.

The price of pump fuel ever going down (considerably) in the UK, regardless of cost price is unlikely.

Too many people like f*****g the motorist for the status quo to change much.

There is, of course, st loads of oil. Anyone who talks about it 'running out' doesn't really understand the problem. The real problems are extracting it at a rate that meets demand, extracting it for an economically viable price and extracting it in a manner that has a reasonable EROI.

The fuel is, it's the tax that isn't .

Cheap fuel will only mean more congestion as the 'poor/me' can start to afford to go on days out again

Don't expect this bent government to ever give you a break. They might appease us with a 3p a litre decrease in pricing, but they'll not want to do without the tax. They don't want to lose out and they have nothing to gain by doing the right thing and ceasing the war on the motorist.

There are many arguments that an increase on base rate income tax and further for higher tax payers is more likely to help the economy recover, rather than hitting all of industry with fuel duty hikes.

The government may have to look at this ad revenue from fuel tax decreases from more efficient cars, lower usage from costs etc.

I'd rather the income tax was addressed instead of fuel tax and hen income tax. Not like the fuel tax will drop.