Qualified advisers answering your
Financial Questions
call 0800 092 1245

Alistair Darling warns of risks from oil price rise

Chancellor of The Exchequer Alistair Darling has today commented upon the rising price of oil and the potential to derail any short to medium-term recovery in the UK economy. As the price of "black gold" moves beyond the $73 a barrel level there are serious concerns that the upward momentum could continue for some time to come. There is no doubt that, as we saw earlier in the recession, an increase in the price of oil will impact upon the cost of everyday goods and businesses profitability throughout the UK.

Alistair Darling is suggesting that oil producing countries need to revisit their figures and take into account the potential short-term damage that a continued high price could do to the worldwide economy. All it takes in the short to medium term is a significant increase in supplies, even though this would cause a reduction in the price of oil, which should at least keep the ongoing worldwide recovery on track. This is a very difficult decision for oil companies as well because by pushing the price of oil higher they risk hitting short to medium term supplies and endangering what many believe is the start of a recovery in the worldwide economy.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details