The BBC news website has reported that the price of Brent Crude has fallen below $35 per barrel for the first time in 11 years.
During 2015 global oil production raced ahead of international demand and prices continued the fall from 2014 levels. In the US oil output rose and Opec maintained a Saudi-led campaign to defend market share by continuing to pump crude oil, where traditionally they would have reduced supply to support the price.
In the UK this enabled petrol retailers to continually pass the reductions in the crude oil price onto the UK motorist, with the supermarkets taking the price of both unleaded petrol and diesel at the pumps to less than a £1 per litre in the last few days of December 2015.
Heating Oil price reductions have followed a similar downward trend, and for the home heating oil user the cost of filling a domestic tank is now similar to levels last seen in 2004, with current prices offering a significant saving on all other forms of domestic heating.
Many experts, such as Argus, are speculating as to what path prices will take this year, but for the first time in a long time, it is nice to enjoy low prices when the weather is cold.