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Oil price effect on economy, jobs, prices and inflation

The price of petrol at one garage in Birmingham dropped to less than £1 a litre this week, reflecting a general cut in petrol prices of more than 20% since last summer.

That was due to a bigger crash in the global price of crude oil, which has halved in a year and is now trading at less than $50 (£33) a barrel.

In a Daily Politics film, Giles Dilnot looked at why the good news for motorists might not be good news for the wider economy with a potential effect on jobs, inflation and politics.

More: Follow @daily_politics on Twitter and like us on Facebook and watch a recent Politics Europe clip and watch full Politics Europe programmes on iPlayer

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