Prices for crude oil have exceeded $50 a barrel for the first time in more than half a year, while many large oil companies increase their net debt in order to recover from recent low commodity prices.
A new report shows that by driving investment in low-carbon technologies (in transport in particular) we would not only work towards saving the environment, but would be savings billions of pounds in the process.
A warning to consumers has been sent out by the International Energy Agency stating that the current cheap oil prices are not set to last. The agency has said that consumers should not be lulled into a false sense of security by the record low oil prices and believes that a spike in the price of oil could come as soon as 2021.
Brent Crude, a benchmark for prices in the oil industry, has now dropped to its lowest level since 2004, spelling trouble for governments who rely on income from oil exports to fund their countries.