Fuel Security News

What does the fall in oil prices mean for home owners and businesses?

Thu, January 08, 2015 - 8:41:00

Brent Crude Oil is at its lowest price in over four years, and it's continuing to fall – so what does this mean for heating oil users and businesses that fuel their vehicles.

London’s City AM website, the online version of its free daily business newspaper, reported in December that oil prices had already dropped by roughly 40% in 2014 – Prices per barrel were around $107.95 in June and by December, the prices had fallen to $64.44.

The falling price of oil has been the result of slowing global growth and increased supply of oil and gas.

And it seems that the price of oil is continuing to drop, as oil prices currently stand at just under $50 per barrel, a figure that hasn’t been seen since May 2009.

The New Year is now in full swing and with oil prices lower than usual, many homeowners will be stocking up on oil to heat their home and businesses will be stocking up to heat their premises.

Most people will likely refill their tanks over the coming days, if they haven’t done so already, because of the recent low prices – giving thieves a prime opportunity to go on the hunt for recently filled tanks in order to empty them.

Not only this, but the end of 2014 and the beginning of 2015 brought a fall in fuel prices too – with prices expected to reach as little as £1 per litre. So this will no doubt lead to lengthy queues at petrol stations and an influx of orders for businesses stocking up on fuel to power their vehicles. Again, a prime opportunity for thieves to strike and cash in on the falling prices of fuel and oil.

Over the Christmas and New Year period there were a number of fuel thefts, including two heating oil thefts that happened in Northern Ireland and Nottinghamshire, where large quantities of heating oil were stolen from onsite storage tanks.

With this in mind, the Fuel Security Monitor advises that, despite whether you’ve filled your tank up or just have a remaining amount left, that you keep your tank as secure as possible. Tank security can be anything from planting shrubbery around your tank, to fitting your tank with a security device. All our tips and advice is given on the Fuel Security Monitor website, where there are two guides: the Domestic Heating Oil Security Guide and the Diesel Fuel Security Guide.

For more information on the heating oil thefts, see the following links below:

Bothamsall Heating Oil Theft

Ballykelly Heating Oil Theft