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Experts warn of future turmoil due to falling price of oil

Video report by ITV News Central reporter Chris Halpin

Oil experts are warning of a crisis in the industry with the price of crude oil at its lowest in more than a decade.

Today oil giant Royal Dutch Shell reported its profits were 80 per cent down and confirmed 10 thousand job losses worldwide.

Globally, the price has fallen because there is too much supply and too little demand.

The East Midlands plays its own part in the UK oil sector. In our final part of our series Pressure at the Pumps, Chris Halpin has been given exclusive access to an oil field and investigates how the crude oil crash is affecting the industry.


How much are drivers saving from falling fuel prices?

Video report by ITV News Central reporter Chris Halpin

You might be getting used to petrol and diesel prices being around the pound mark - but it wasn't that long ago they were at record highs.

In March 2012 the average price of a litre of unleaded was 1 pound forty, with diesel in at 1 pound 46. In the second part of our series Pressure at the Pumps, Chris Halpin has been crunching the numbers to see just how much drivers are saving.

Who's making money on our petrol station forecourts?

Video report by ITV News Central reporter Chris Halpin

Crude oil prices have dropped to under 30 dollars a barrel but are the tumbling prices being reflected on our petrol station forecourts?

Campaigners for fairer fuel prices say unscrupulous retailers aren't making cuts, but petrol station owners say they're struggling to survive because of falling margins.

Latest figures show 28 per cent of independent petrol stations have closed down in the West Midlands since 2005. So, if they aren't making money from selling fuel - then who is?

Chris Halpin investigates in the first in a three-part series, Pressure at the Pumps.

Coming up: who's under Pressure at the Pumps?

By ITV News Central reporter Chris Halpin

Now a preview of our upcoming three part series on a subject that usually gets people talking - petrol prices.

In recent weeks the cost per litre has dipped below a pound for diesel and unleaded for the first time since 2009. But can it continue? Tune in to ITV News Central at 6 tonight for the first part of 'Pressure at the Pumps'.


  1. Wales

Conceived on Anglesey: Land Rover Defender production ends today

The Land Rover Defender has been in production for nearly 70 years. Credit: John Stillwell/PA Wire

When Maurice Wilks, Rover's Chief Designer, penned the design for the Land Rover in 1947 he probably didn't think he would be responsible for a motoring icon.

He wanted an agricultural version of the highly successful American-built Willis Jeep used throughout the Second World War.

He'd used a Jeep on his farm on Anglesey and so designed the Series 1 Land Rover at Red Wharf Bay.

The body was made from an aluminium alloy called Birmabright because steel was in short supply after the war.

Production started in Solihull in 1948 and was meant to last just a few years but 68 years and many versions later it finally reaches the end of the road.

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