I don't know about 'good news for us' more likely to be good news for some foreign firms exploiting our resources, while the inhabitants of the UK continue to pay through the nose as usual.
Fuel is dirt cheap as it is, it's only when the governement adds a pound a litre that it costs what it does so even if the fuel price halved it would only come down marginally at the pumps. The Saudi's have it cheap because they dont add a shed load of duty.