Low oil prices good for the economy?

In 2012 FairFuelUK was first to show empirically that lower pump prices will increase GDP, create jobs and lower inflation. In April 2014, the Treasury, after seeing FairFuelUK’s evidence and following the Chancellor’s 1p cut and duty freeze in this parliament said “these reductions in duty will increase GDP by between 0.3 and 0.5% in the long term. The modelling shows increased profits, wages and consumption, all add to higher tax revenues.”

Now the International Monetary Fund (IMF) is saying that “the plunge in oil prices since June may hurt some crude exporters but is overall a good thing for the world economy.” IMF Director Christine Lagarde also said, “there will be winners and losers, but on a net basis it’s good news for the global economy.”

FairFuelUK were the first to prove and campaign that lower pump prices are indeed good for the UK economy. It is hugely sad that many influential media experts and politicos continue to ignore the 1 million supports of the FairFuelUK campaign, its founding backers the RHA and FTA plus later campaign backers the RAC, UKLPG and the APN, that FairFuelUK has been proven to be right since its founding in January 2011.

Comments

Quentin Willson, of FairFuelUK said, “it’s time to recognise FairFuelUK’s widely accepted and respected evidence in deeds, and cut duty by 3p to accelerate growth in the economy.”

Howard Cox, founder said, “most of the TV and radio national news reporters ignore the needs of 32 million motorists and FairFuelUK’s politically respected campaigning on their behalves. It would be welcome that they show support or at least acknowledgement for 80% of their viewers who say their cars and vans are essential to their lives, yet 30% still can’t afford to drive where they need to. So BBC, SKY and ITV, please report what FairFuelUK has been trying to give to you for the last five years and is now acknowledged by the government and the IMF. Lower oil and fuel prices are good for the global economies!”

Edited from press release by Claira Lloyd

Read the article online at: https://www.hydrocarbonengineering.com/special-reports/03122014/low-oil-prices-good-ffuk/