In the last couple of days as the rebels have neared Tripoli and looked like achieving their victory the international price of crude oil is reported to have dipped. World prices are lower than the $135 per barrel that they were at their peak because of a lack of growth in the world economy. China and India have not successfully mopped up the drop in western demand as many expected they would. Once Gaddafi is disposed of oil production will return to former levels after a few months and European consumption can once again be supplied from nearer to home. This is not good news for global speculators.
Don’t hold your breath for lower prices at the pumps though. people become accustomed to paying higher prices and oil companies, and the chancellor, see no reason to allow the good news to spread to us when they can keep it for themselves. I expect to see more record profits for oil companies over the next couple of years at least.