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International Energy Agency warns of further oil price rises

Mon 16th November 2009

The global price of oil has a direct impact on the amount that UK home-owners pay for their fuel and energy. With a 70% price rise of oil in the past year, the International Energy Agency (IEA) has announced concerns that the price of oil could bring instability to global economic recovery. This may have a direct impact on the prices that you pay for fuel and energy in your home.

The IEA said that in the US, "the 'real' economy, as opposed to the financial one is struggling to recover" and added that if the government withdrew its stimulus spending measures, the economy could "choke again... and cast further gloom on an already depressed job market".

With fears that the rising prices of oil may cause economic instability, all people need to be aware of how high oil prices could potentially tip the UK economy back into recession.

As oil prices rise it is essential for UK home-owners to evaluate how much they could save by having a more energy efficient house. The only sure way to ensure control over your energy bills in the future is to make your home as efficient as possible and reap the savings as oil and fuel prices increase.