The electric companies have to use oil and the cost of that oil is passed on to the consumer. More than 50 percent of each electric bill is comprised of fuel costs.
There is a pretty good piece on MSNBC that explains how gas prices are set. It is written in a "FAQ" format and does quite a good job of breaking this down for the layperson. I think some of the...
Yes, petrol prices will move slightly to reflect the oil price, although in the UK the the oil cost is a very small part of the price per litre, tax and fuel duty makes up the majority of the cost....