Utilities – especially the procurement of our domestic energy – matter to all of us. In this section we aim to help Island consumers gain a greater understanding of their utility consumption levels and suggest how we can use them more efficiently – whether it be our water, gas, electricity, oil or coal.
What in the World is going on with Oil Prices?
This week, the price of Brent crude oil fell to its lowest level in six years with the price of a barrel of Bent crude decreasing by 55% from $105 in June 2014 to $47 now.
So why has the price of oil fallen? There are principally 3 main reasons;
Firstly, America has become the world’s largest oil producer through ‘fracking’, the process of fracking is the practice of injecting water, sand and chemicals deep underground at high pressure to extract crude oil and natural gas from dense rock formations. Though the USA does not export crude oil, it now imports much less, creating a lot of spare supply.
Top Energy Saving Tips
- Turn your thermostat down by 1°C could cut your heating bills by up to 10 percent and typically saves around £65 per year. If you have a programmer, set your heating and hot water to come on only when required rather than all the time.
- Is your water too hot? Your cylinder thermostat should be set at 60°C/140°F.
- Close your curtains at dusk to stop heat escaping through the windows and check for draughts around windows and doors.
- Turn off the lights when you leave a room. Use energy saving light bulb last up to 10 times longer than ordinary bulbs, and can save you around £50 over the bulb’s lifetime.