The credit crunch is affecting every aspect of our lives, but the good news for consumers is that the latest oil prices have hit an all time 3 year low, with the current rate below $50 a barrel.
This is spreading speculation that petrol and fuel prices are set to shortly follow which is great news for car and van owners, but worse news for garages who are currently struggling to stay above board in difficult times.
Asda have already cut their fuel prices ten times during these last few months and they are now set to let fuel go for around 90.9p which is an amazing price compared to a few months back when it hit peaks of around 120.1p. Other petrol garages are soon set to follow in the footsteps with massive reductions.
In a massive turnaround though supermarket Morrisons decided to drop their fuel prices below 90p to 89.9p a litre and cutting down diesel to 105.9p
But will this price stick or drop lower? Well you really cannot tell, as mentioned previously, the current financial situation is causing a nuisance even to the wealthiest of people and companies. As we have seen over the past few months the banks have been struggling a terrible amount with the government using tax payer's money to bail them out. But not only that, high street stores are also suffering. It is said that the major UK brand stores such as Woolworths are massively in debt and could be letting their shops go for only one pound.
It looks like by 2009 the world will enter a depression and a lot of companies will be unable to successfully find their way out of it. So as far as the fuel prices go I am in two minds, because of the following. They could in fact decrease a massive amount to allow the falling market to be able to afford fuel, or it could go completely the opposite way, with prices going through the roof so that garages can earn a nice profit to keep them afloat.
Whatever happens we all know that we should get strapped in and ready to experience a very tough time. There is no way that the credit crunch will be over by the end of 2008, so you should buckle your seat belts and expect a bumpy ride over the next coming year, both emotionally and financially in every aspect of the word.
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