From CNBC today:
‘Brent crude oil hit a more than three-year high on Thursday, breaking through the psychologically important $70 a barrel level for the first time since December 2014. Brent, the international benchmark for oil prices, was last up 6 cents at $69.26 a barrel. It earlier spiked to $70.05 in morning trade, touching its highest level since Dec. 4, 2014, when the contract hit $70.60. Oil prices have been supported by stronger-than-expected demand fuelled by worldwide economic growth, ongoing output limits by OPEC and Russia and a series of global events that have stoked geopolitical tension.’
The report doesn’t explain why $70pb is ‘psychologically important but it is a whopping increase from around $24pb in 2016. My psyche got a wee boost. With production costs falling to $12pb the UK treasury must surely be raking in billions.
As I can’t watch Reporting Scotland or listen to Good Morning Scotland, I’ve no idea if this news is being hailed there. I have my doubts though.
I know that there’s much more to the Independence cause than oil and that high prices can damage other parts of the economy not to mention our own driving costs but the alleged end to oil revenues was used as a stick to beat us with in 2014 and must be countered this time. Remember also, experts have changed their views on how long we could be earning from this. See: