Energy prices falling; world may be "awash in oil

From UK Telegraph

"...you have probably missed one of the biggest pieces of good economic news to emerge recently: energy prices are coming down, in some cases to record lows. Furthermore, even if prices start to recover, they are not likely to return to the ridiculous levels of 2008 any day soon.

This is excellent news, of great import. The trend for gas and electricity bills is downwards; diesel is back at the same price as regular gasoline; the world is practically choking on gas, and is potentially awash with oil.

The main international gas price has this week fallen to a record low, due to a surplus of new resources from North America. Even the stubbornly high oil price has dropped. On Tuesday next week, the main energy suppliers are going to have to explain to the energy regulator why they have not passed this on to consumers. The answer, they tell me, is that they are about to do so, just as soon as they have worked through old gas bought at last year's higher wholesale prices."