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Oil falls to $97 a barrel

As many traders had forecast we have seen the price of oil collapse to $97 a barrel with a fall of over $4 today. The move has prompted many to ask why we are not seeing such a sharp fall in the price of fuel or a knock on affect to the energy markets where providers had used the rise in the price of oil as the reason for the sharp increase in energy bills. So what is going on?

We are in this strange situation where energy markets are still very strong even if the price of oil has fallen back sharply over the last few weeks. After peaking at $147 in April we have now seen the price break back below the $100 level and forecasts of $200, $300 and higher have been quickly forgotten. There is now a suspicion that the price of gas and electricity is being kept artificially high by the providers and traders in the energy markets. As we have seen over the last few weeks the energy companies have the government over a barrel and have stood there ground with regards to windfall taxes and the like.

Will we see an investigation into the energy markets? Will we see prices fall in the short term? Don't hold your breath.

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