The global oil price is hovering at about $30 U.S. dollars a barrel. Britain’s consumption of road fuel is growing at the fastest rate for more than a decade as the impact of economic growth and lower prices more than offsets improvements in vehicle efficiency. Britain’s motorists consumed 36.0 million tonnes of motor spirit (gasoline) and road diesel in the 12 months ending in March, up from 35.2 million tonnes in the prior 12-month period. Fuel consumption has been rising since 2013/14 and the increase predates the collapse in oil prices from mid-2014 ( tmsnrt.rs/1VQACef ). For the most part, the rise in fuel consumption reflects a growing economy, increasing employment and rising household incomes ( tmsnrt.rs/1ZE2b9Q ). Fuel is taxed much more heavily in Britain than in the United States and emerging […]