With oil slipping below $45 a barrel for the first time in six-year following FirstGroup stating the oil overhang had grown even larger than during the financial crisis, another industry has been impacted by the low prices. Opec , operator of buses and trains in the US 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. Despite the falling profits in the US division, O’Toole said previously calls from US activist investor Sandell Asset Management to sell off the business to grow the UK side of the company had been found to be without merit. Analysts are predicting that the oil price could return to a three months low as the realisation of a mega-glut is finally registering with the market.
With oil slipping below $45 a barrel for the first time in six-year following FirstGroup stating the oil overhang had grown even larger than during the financial crisis, another industry has been impacted by the low prices. Opec , operator of buses and trains in the US 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. Analysts are predicting that the oil price could return to a three months low as the realisation of a mega-glut is finally registering with the market.