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Oil Price

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OK,

Oil picking up pace at the moment. Despite a large new field in the UK on the verge of opening up. Overall trend predicted by the large and small oil companies is for the price to keep rising, as orders for new processing equipment are picking up. Also refurbishing of exisiting platforms/semi-subs and the FPSO's is on the increase.

Of course the media will more than likely not link this to rising cost of life in general but also the affordability of housing.

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OK,

Oil picking up pace at the moment. Despite a large new field in the UK on the verge of opening up. Overall trend predicted by the large and small oil companies is for the price to keep rising, as orders for new processing equipment are picking up. Also refurbishing of exisiting platforms/semi-subs and the FPSO's is on the increase.

Of course the media will more than likely not link this to rising cost of life in general but also the affordability of housing.

Even a huge field opening up in the UK is not going to dent the oil price which is set globally anyway. Lots of old oil fields are now being revisited as the value of oil makes it worthwhile to exploit. Also new technology has helped make marginal fields viable again.

Oil prices rising are like a tax hike. They take money out of peoples pockets because they are difficult to avoid at least in the short term. This will feed through into lower spending elsewhere. Longer term hopefully it will encourage more efficent and frugal use of oil.

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Our society is addicted to, and built on, oil. So yes it has an affect on house prices. Expect to see a higher cost of living in the future so house prices will become more "affordable".

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