Energy prices to increase again?

Iran is often in the headlines.

Energy prices are also occasionally front page news.

However, it may be strange to find the two connected, but the gulf country is struggling to find buyers for its crude oil after global authorities imposed sanctions on it due to its nuclear programme.

This means that crude oil prices hit a eight-month high yesterday (February 20th)  and that could have ramifications for us British homeowners.

The industry is currently discussing the situation in London as part of talks for the International Petroleum Week.

For the second consecutive year, the risk of supply disruption is the main theme for the summit. In 2011 Libya was the main worry and that uncertainty was part of the reason that energy prices soared by as much as 21 per cent in the UK.

Christophe de Margerie, chief executive of French oil group Total, said that Iranian oil was a small proportion of Europe's consumption, but uncertainty was the major issue.

"We don't think that this 0.7 [million barrels of oil a day] should trigger any concern for the market and for the buyers," he stated

He explained that oil prices were rising due to Iran-related "noise", rather than any major supply disruptions.

However, it is another headache that cash-strapped British householders may need to deal with.

One way to lessen the impact that global economic news can have on your budget is to implement green energy options.

This could mean installing solar panels or wind turbines to produce your own electricity, utterly sidestepping the need for fossil fuel consumption, or using sustainability measures to lower utility bills.

The Energy Saving Trust states that roof and loft insulation can help homeowners save as much as £175 a year on their gas and electricity bills, while more energy efficient window could reduce costs by a further £165.