business

Petrol prices set to fall below £1 per litre

The RAC has announced that there is a big chance that petrol prices will fall below £1 for the first time in 6 years. This comes after a recent drop in wholesale fuel prices which could pass on a 2p per litre saving to consumers.

Since 2009 the price of petrol has been above £1 per litre and it actually rose to record prices of £1.41 in April 2012. The price of petrol is something which affects consumers and businesses throughout the country, with fuel being such a big expense in everyone’s budget.

Financial giant to invest $150 billion in clean energy

Financial giant Goldman Sachs has announced that it is planning on investing $150 billion in projects such as solar farms, wind farms and upgrading buildings so they are more energy efficient. The target for Goldman Sachs is to invest this money by 2025, which follows their previous target of investing $40 billion into clean energy by 2012.

Worlds largest wind farm given final investment decision

A 660MW offshore wind farm that will be located off the coast of Cumbria has been given a final investment decision. The wind farm will be the largest offshore wind farm in the world and will supply enough electricity to power 460,000 homes.

Shell gets permission to drill in the Arctic

The Obama Administration has gave Shell permission to start drilling in the Arctic, which has prompted a huge backlash with environmental groups. Shell had been waiting for a safety vessel called the Fennica which is required by law to be present while Shell drills. The Fennica carries a state of the art device designed to limit the impact of a blowout.

Loan up to £50,000 interest free to buy electric vehicles

The Scottish Government have made a sum of money available for interest free loans for people wanting to make the switch to electric cars. The scheme is called The Electric Vehicle Loan and will allow people in Scotland to borrow up to £50,000 interest free to buy a new electric car. Grants are also available for people in Scotland to buy  electric charging points for their homes.

Facebook to unveil solar powered drone

Facebook has announced that it will be testing a solar powered drone that will be able to stay in the air for up to three months. This plane will then provide internet access to the areas of the world that have limited to no access currently.

The idea stemmed from the solar powered drone which has recently broke the world record for flying around the world using solar power. Facebooks version will be the size of a Boeing 737 jet and will require helium filled balloons to bring it to the correct altitude.

Iran to make global oil market return

With Iranian nuclear talks finished and Iran about to make a return to the global oil market, many people are asking what sort of impact it will make on oil prices. Many people expect the increased supply will cause a decrease in price, however, the Russian Energy Minister disagrees. He believes it will not impact global oil prices at all, as the market has already adjusted to accommodate increased supply from Iran.

EU urged to toughen air pollution targets

There has been calls for the EU to act upon its air pollution levels, which are reportedly responsible for 400,000 premature deaths each year. The environmental Members of the European Parliament have stated that a 70% reduction in air pollution could save anywhere up to £40 billion by 2030.

Are oil prices about to fall further?

According to the International Energy Agency there is currently a massive amount of oversupply in the market, which cannot possibly be absorbed. This will then push the oil price lower, possibly lower that what was seen in January when prices fell to their lowest for 5 years.

The oversupply is being generated by OPEC refusing to cut its supply in an attempt to gain extra market share. Another contributing factor has been the US shale oil boom, which has revolutionised the way the US drills for oil, allowing them to up their volume by a considerable amount.

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