Comment on Around 80% of Rosebank field oil will not be kept in UK to boost energy security
Biohazard@feddit.uk 1 year ago
The increased supply will reduce the global price which makes oil products cheaper to UK consumers.
By oil products do you mean goods manufactured using oil or petrol/diesel/etc?
Because the implication from the govt is that the majority of this oil will be used for the former, not the latter, so price of fuel will assumedly not be significantly affected.
It makes the already-wealthy owners of the extraction license wealthier and nothing more than that you boot sucking goon.
Theoretically, that would only reduce the price proportional to the amount of new production relative to existing world production. This does little to dampen market turbulence.
True. Oil companies hold up the FTSE 100 so the government are pussies about demanding taxes
Right so why have they been granted extra licenses since they clearly are enough of a market force already. Why give them more of a share when they don’t apparently contribute anything to the economy.
idkmybffjoeysteel@hexbear.net 1 year ago
Sorry buddy but the price of energy in the UK is no longer correlated with supply and demand and hasn’t been for at least two years now.
Biohazard@feddit.uk 1 year ago
Obviously it is. When oil prices are high, do petrol prices go down?
idkmybffjoeysteel@hexbear.net 1 year ago
A better question is, if the underlying cost of providing energy has increased, why are fossil fuel companies reporting record high profits.
Biohazard@feddit.uk 1 year ago
Because when you charge 20% on something and the value of that thing doubles you make double the amount too. I think the UK government is way too cosy with big oil and is scared of asking for more