With oil slipping below $45 a barrel for the first time in three months following Opec stating the oil overhang had grown even larger than during the financial crisis, another industry has been impacted by the low prices. The company said it is expecting a boost of £15m in its full year results due to a change in estimates for pensions in its rail division. FirstGroup, operator of buses and trains in the UK and the US, has revealed its pre-tax profit has dropped by a third for 1H2015, partly because the lower oil prices means that increasing numbers of people are driving themselves, since it has become more affordable, perhaps not the best news for those looking to cut back on carbon emissions. The company said sales fell from £2.3bn last year to £1.1bn, with passenger volumes down by about 10% compared to 2014.
With oil slipping below $45 a barrel for the first time in three months following Opec stating the oil overhang had grown even larger than during the financial crisis, another industry has been impacted by the low prices. FirstGroup, operator of buses and trains in the UK and the US, has revealed its pre-tax profit has dropped by a third for 1H2015, partly because the lower oil prices means that increasing numbers of people are driving themselves, since it has become more affordable, perhaps not the best news for those looking to cut back on carbon emissions. The company said sales fell from £2.3bn last year to £1.1bn, with passenger volumes down by about 10% compared to 2014.