Brent crude’s collapse has helped many nations, Britain included, but left others such as Russia in a sticky situation
As oil producers count the cost of the plunging oil price, countries that rely on oil imports are rubbing their hands. The UK is among many European countries to welcome a collapse in the cost of fossil fuels and the knock-on effects for petrol prices.
At a time when many British workers are struggling to cope with low wage rises and austerity-driven benefit cuts, any savings on the weekly trip to the petrol station help maintain living standards. In an election year, it could hand the government a vote-winning boost – although that will depend, as George Osborne made clear, on whether the benefits are passed on.