Geelong drivers will be watching closely at the bowser in coming days as the price of fuel rapidly falls in the US.
Prices across our own region remain well ahead of the two dollar mark, with bowers sitting anywhere between a low of $2.29 and a high of $2.99 (accurate as of 6.22am).
A barrel of oil having fallen from $104 US dollars on Friday (US time) to $87 dollars when markets resumed on Wednesday (US time).
According to the website trade economics, which maps the price of fuel on the US market, there is a direct correlation to the results of the midterms.
“Prices remained under pressure as investors assessed prospects for de-escalation in the US-Israeli conflict with Iran following the Republican party’s losses in the midterm elections,” the site said.
“President Donald Trump said Washington had no immediate plans for further strikes, although he stressed that the US remained prepared to act if necessary.
“Meanwhile, diplomatic efforts led by Qatar and Pakistan continued, with Qatari officials expecting responses from both sides on proposals to resolve the conflict, despite reports that negotiations remain far from an agreement.”
It marks a drop of close to two per cent across the month of November, though the price remains up more than 47 per cent across the year.
