UK could run out of diesel
06/09/2015
The RAC Foundation has claimed that Britain’s diesel pumps could “run dry” due to a continuing dependence on foreign fuel.
The research from the RACF shows that the UK’s dependence on diesel has been rising for decades, and UK refineries are beginning to struggle. 2014 saw 11 million diesel cars on the road, compared to just 1.6 million 10 years prior. The RACF now believe that at this rate, diesel will be four times more popular than petrol by 2030.
The growing demand has lead to the UK consuming more diesel than it produces, and growing dependence on countries such as Russia and India has lead to the UK’s diesel supply "at the mercy of the global market".
In 2009 there where nine big refineries in the UK. Since then, three have shut down and others are up for sale. The older refineries are not equipped to produce diesel, and would cost billions of pounds to convert.
RACF director Steve Gooding said:
"Even if we are not in conflict with those countries that control the taps, they might simply decide they need more of what they produce for their own markets.
"If supply is interrupted, then at best we'll see sharp rises in forecourt prices and, at worst, there is the unlikely but real possibility of pumps running dry."
Need financial advice?
If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.
Share this..
Related stories
CBI believes UK base rates will rise later this year
The CBI has upgraded growth forecast for the UK economy in 2009 although there are concerns that any significant rise could prompt an increase in UK base rates. While this is inevitable at some stage, low base rates at this moment in time have the potential to assist companies and consumers in getting themselves out of significant financial trouble. If UK base rates were to rise we would then see...
Read MoreUS economic indicators turn upwards
News that the speed at which the US economy has been shrinking began to slow in April saw Wall Street surged by over 2% in early trading. This is the latest positive indicator from the US economy which has been very volatile over the last few months to say the least. However, investors should be wary of taking one figure in isolation as evidence that the economy is recovering because last week we...
Read MoreDoes the government of the day really control the direction of the UK economy?
As we enter what is becoming a serious downtrend in the UK economy many people are starting to ask whether the government of the day really do have control over the direction of the UK as a whole. While undoubtedly there have been mistakes made by the government, the onset of the credit crunch and collapse of the property market has not helped what was already a difficult situation. But could the...
Read MoreCBI calls for wage rises and more free childcare
10/11/2014 The Confederation of British Industry (CBI) believe more free childcare and tax cuts for the low paid are two of many measures that are needed in Britain to raise living standards. The CBI represents 190,000 businesses in Britain and is having their annual conference in London this week. The UK living standards and Britons place in the European Union (EU) are believed to be the i...
Read MoreHow did the situation in the UK get so bad?
While we hear about the doom and gloom surrounding the worldwide economy many people at home are wondering just how a once prosperous UK economy has fallen so sharply leaving many companies and people destitute. The once proud housing market is literally on its knees, the stock market is more volatile than ever before and the ruling Labour Party appear hellbent on fighting amongst themselves.
Read More