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Oil falls below $50 a barrel but where are the energy cost cuts?

As the price of oil continues to fall it ended today under the psychological $50 a barrel level with more pressure expected in the short term. This is a major turnaround from the recent highs of $150 a barrel and has seen many oil traders literally lose their shirts after taking rather large gambles on the price.

However, it is the ever-increasing price of energy in the UK which is starting to cause major concern at both consumer and government level. As the price of energy continued to rise earlier this year we were told that the increasing price of oil was behind the price movements but now that oil has fallen by over 66% in the last three months there has been no reduction in energy costs in UK. The government appears duty bound to question the energy companies yet again and find out why no cost savings whatsoever have been passed on.

As we approach the winter season many older people in the UK will literally have to choose between food and heat at a time of life when they should be relatively stress free. Many charities such as Help the Aged are livid that situation is set to get worse in the winter months and are pressing Gordon Brown for a winter heating allowance increase for the elderly.

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