<\/p>\n
\n Oxfordshire County Council, the highways authority, has spent \u00a39,807,367 on road repairs over the last three years.\n<\/p>\n
\n While there is hope that a truce in the Middle East between Israel-US and Iran will hold, there are fears this could push up the already high price tag to fix Oxfordshire’s pothole crisis.\n<\/p>\n
\n The closure of the Strait of Hormuz, amid the joint Israel-US airstrikes on Iran on February 28, rocketed crude oil prices by more than 30 per cent, with a barrel peaking above $120 (\u00a389) per barrel on March 2.\n<\/p>\n
\n Strait of Hormuz Infographic (Image: Press Association Images)\n<\/p>\n
\n Prices tumbled by almost 14 per cent, to around \u00a370 per barrel, following Donald Trump’s announcement of a two-week Iran ceasefire earlier this week.\n<\/p>\n
\n However, as the agreement was contingent on Iran agreeing to reopen the Strait of Hormuz, concerns are now rising again over the agreements durability after Israel launched a wave of strikes on Lebanon.\n<\/p>\n
\n President Donald Trump speaks with reporters (Image: PA)\n<\/p>\n
\n Crude oil is refined through fractional distillation which allows for the extraction of different products, including asphalt, which is used to mend potholes.\n<\/p>\n
\n READ MORE: Oxfordshire rail freight interchange plans submitted\n<\/p>\n
\n Oxfordshire County Council said it is “monitoring the situation closely”.\n<\/p>\n
\n A spokesman for the authority said: “Volatility in fuel prices will have an impact on all councils.\n<\/p>\n
\n “Such are the fluctuations currently that forecasting forward is very difficult. Like the whole of local government and many other organisations we monitor the situation closely.\n<\/p>\n
\n “Financial pressures and budget monitoring are reported on a regular basis to cabinet.”\n<\/p>\n
#Volatile #oil #prices #threaten #Oxfordshires #pothole #crisis<\/p>\n","protected":false},"excerpt":{"rendered":"
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