A noticeable rise in fuel consumption is being reported from the United Kingdom on account of an upturn in the economic scenario and a decline in fuel prices. According to the UK Department of Energy and Climate Change, fuel consumption in the country is rising at a rate that’s higher than the previous decade. According to officials, the consumption of petroleum in the UK was seen to have increased by 1.6% in H1 2015.
The UK’s roads are now busier than ever, as the economy stands back on its feet. The rates currently being observed in the UK are reportedly the highest since 2005, when petroleum consumption had peaked (in keeping with the trend in other advanced economies). However, with the recession setting in shortly after, the consumption of petroleum saw a progressive decline. Although economic recovery in the UK had begun post 2010, high fuel prices essentially kept consumption low.
Official records show that there has been a steady rise in petroleum consumption in the UK since 2014 Q3. Not surprisingly, the increased fuel consumption in the UK is in keeping with the sharp decline in oil prices that caused a massive upheaval in the oil and gas industry.
Moreover, in Britain, there has been a steady shift from petrol-fuelled vehicles to diesel-fuelled vehicles. This trend has also affected the fuel consumption dynamics to some extent. Market analysts have said that the consumption of diesel is rising at a much higher rate than that of petrol. Moreover, road transportation in the UK is currently at its busiest and this aspect will further contribute to an increase in petrol consumption.
The airlines industry has been seeing an increase in traffic as well, stimulating demand for aviation fuel. However, it is not just the UK, the US has also been reporting an increase in fuel consumption with the economy faring well and fuel prices being lower than before.
The UK’s roads are now busier than ever, as the economy stands back on its feet. The rates currently being observed in the UK are reportedly the highest since 2005, when petroleum consumption had peaked (in keeping with the trend in other advanced economies). However, with the recession setting in shortly after, the consumption of petroleum saw a progressive decline. Although economic recovery in the UK had begun post 2010, high fuel prices essentially kept consumption low.
Official records show that there has been a steady rise in petroleum consumption in the UK since 2014 Q3. Not surprisingly, the increased fuel consumption in the UK is in keeping with the sharp decline in oil prices that caused a massive upheaval in the oil and gas industry.
Moreover, in Britain, there has been a steady shift from petrol-fuelled vehicles to diesel-fuelled vehicles. This trend has also affected the fuel consumption dynamics to some extent. Market analysts have said that the consumption of diesel is rising at a much higher rate than that of petrol. Moreover, road transportation in the UK is currently at its busiest and this aspect will further contribute to an increase in petrol consumption.
The airlines industry has been seeing an increase in traffic as well, stimulating demand for aviation fuel. However, it is not just the UK, the US has also been reporting an increase in fuel consumption with the economy faring well and fuel prices being lower than before.
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