The graph of oil prices over the past six months is instructive
(Graphic removed, as it wasn't working and a link put in its place)
So how does this tie in with the calls for a fuel duty regulator?
As you know I have been very sceptical about the usefulness of the such a proposal, considering it to be daft, ill thought-out, and pushed by under-informed politicians.
In April this year (when oil reached $110) the cry was for a regulator to soften the impact of the expected continual increase in fuel prices. I asked the simple question - which remains unanswered - at what price should the duty rate be set?
"It's too high", is hardly and informed and intellectual response to that question, and betrays the lack of understanding of the speaker.
With prices now heading downwards, if a fuel duty regulator had been put in place when our MP and MSP made their siren calls then we would be facing petrol prices that were kept artificially HIGH to ensure that the yield from fuel duty remained the same.
I am sure that this outcome is not one that MacNeil or Allan realised they were actually campaigning for when they tried to grab the headlines.