Leaves you scratching your head at times ?
Discussion
What was Osbourne thinking for god's sake?
Centrica, the owner of British Gas, has confirmed the closure of Britain's largest gas field in response to Chancellor George Osborne's windfall tax on North Sea profits.
The company said a month ago that it would probably not reopen its South Morecambe field, after four weeks of planned maintenance. It says the higher tax rate has rendered it uncommercial.
In a surprise move, Mr Osborne raised the effective tax rate on production profits to at least 62pc and up to 81pc for older fields in his March budget when oil prices are more than $75 per barrel.
However, companies have complained that this unfairly penalises gas fields, because the gas prices is comparatively much lower than the oil price.
Producers have warned the tax regime will hasten the decline of the industry because it makes older fields uneconomic.
They claim it may also hit the UK's energy security by increasing the reliance on imports, while continued tax changes have made Britain one of the world's most unstable financial regimes for producers.
http://www.telegraph.co.uk/finance/newsbysector/en...
Centrica, the owner of British Gas, has confirmed the closure of Britain's largest gas field in response to Chancellor George Osborne's windfall tax on North Sea profits.
The company said a month ago that it would probably not reopen its South Morecambe field, after four weeks of planned maintenance. It says the higher tax rate has rendered it uncommercial.
In a surprise move, Mr Osborne raised the effective tax rate on production profits to at least 62pc and up to 81pc for older fields in his March budget when oil prices are more than $75 per barrel.
However, companies have complained that this unfairly penalises gas fields, because the gas prices is comparatively much lower than the oil price.
Producers have warned the tax regime will hasten the decline of the industry because it makes older fields uneconomic.
They claim it may also hit the UK's energy security by increasing the reliance on imports, while continued tax changes have made Britain one of the world's most unstable financial regimes for producers.
http://www.telegraph.co.uk/finance/newsbysector/en...
Eric Mc said:
It's called brinkmanship.
Eric, you've missed the fact that not only does the post have a mis-leading/unclear title, it is also a report of another mis-leading title here:http://www.pistonheads.co.uk/gassing/topic.asp?h=0...
Eric Mc said:
PHers need to put their sensible heads on when creating thread titles in order to reduce the chances of thread duplication, triplication etc 
The other thread title isn't altogther indicative of the content either.
The other thread title isn't altogther indicative of the content either.
Bing o already said:
Eric, you've missed the fact that not only does the post have a mis-leading/unclear title, it is also a report of another mis-leading title here:
http://www.pistonheads.co.uk/gassing/topic.asp?h=0...
http://www.pistonheads.co.uk/gassing/topic.asp?h=0...
GO has got himself up a blind alley really. Because the political reality is that he would have to go back to the electorate and say, Sorry, you're all going to have to pay an extra x pence per litre of fuel after all. The Government's spin doctors will love that.
Just for eric ...calm down dear
http://af.reuters.com/article/energyOilNews/idAFLD...
Just for eric ...calm down dear
http://af.reuters.com/article/energyOilNews/idAFLD...
Edited by gerradiuk on Thursday 2nd June 12:00
Eric Mc said:
PHers need to put their sensible heads on when creating thread titles in order to reduce the chances of thread duplication, triplication etc
The other thread title isn't altogther indicative of the content either.
<mischief>Maybe it's time to start replying to thread titles based on what you guess the topic to be about.<mischief> I do often see bizarre titles and think about posting something irrelevant to the actual topic but answering the thread title just for sThe other thread title isn't altogther indicative of the content either.
ts and giggles. I haven't reached that level of boredom yet, though.The US hands out tax breaks to keep it's ageing domestic oil production going, our government in their wisdom, on the other hand seem to want to tax it out of business asap. Our easy oil has already gone, we are left with the expensive to get out stuff now. Companies need incentives to keep getting it, not additional expense by way of even more tax.
What then, when more fields are shut and future investment heads elsewhere, reliance on the middle east and russians for our energy, dangerous IMO, we will be at their pricing mercy.
Did the chancellor even think about the consequences of his actions for a 2p cut in fuel duty which has in any case long since evaporated.
What then, when more fields are shut and future investment heads elsewhere, reliance on the middle east and russians for our energy, dangerous IMO, we will be at their pricing mercy.
Did the chancellor even think about the consequences of his actions for a 2p cut in fuel duty which has in any case long since evaporated.
RemainAllHoof said:
Eric Mc said:
PHers need to put their sensible heads on when creating thread titles in order to reduce the chances of thread duplication, triplication etc
The other thread title isn't altogther indicative of the content either.
<mischief>Maybe it's time to start replying to thread titles based on what you guess the topic to be about.<mischief> I do often see bizarre titles and think about posting something irrelevant to the actual topic but answering the thread title just for sThe other thread title isn't altogther indicative of the content either.
ts and giggles. I haven't reached that level of boredom yet, though.gerradiuk said:
The US hands out tax breaks to keep it's ageing domestic oil production going, our government in their wisdom, on the other hand seem to want to tax it out of business asap. Our easy oil has already gone, we are left with the expensive to get out stuff now. Companies need incentives to keep getting it, not additional expense by way of even more tax.
What then, when more fields are shut and future investment heads elsewhere, reliance on the middle east and russians for our energy, dangerous IMO, we will be at their pricing mercy.
Did the chancellor even think about the consequences of his actions for a 2p cut in fuel duty which has in any case long since evaporated.
My hunch is that Centrica want to leave the gas where it is at the moment and let energy prices continue to climb. Better to blame the government than admit they are trying to maximise their profits.What then, when more fields are shut and future investment heads elsewhere, reliance on the middle east and russians for our energy, dangerous IMO, we will be at their pricing mercy.
Did the chancellor even think about the consequences of his actions for a 2p cut in fuel duty which has in any case long since evaporated.
Eric Mc said:
I actually replied to the thread subject with my first post. Someone else pointed out that the title was not informative - not me. I then responded to THAT post.
I wasn't criticising. I was suggesting this should be done in future for my personal amusement.Example answer:
Don't do that, you might get a bald patch.
RemainAllHoof said:
Eric Mc said:
I actually replied to the thread subject with my first post. Someone else pointed out that the title was not informative - not me. I then responded to THAT post.
I wasn't criticising. I was suggesting this should be done in future for my personal amusement.Example answer:
Don't do that, you might get a bald patch.
Eric Mc said:
My hunch is that Centrica want to leave the gas where it is at the moment and let energy prices continue to climb. Better to blame the government than admit they are trying to maximise their profits.
This. We have some coal left too, I'm sure it will be economical to dig it out at some point in the future.Eric Mc said:
RemainAllHoof said:
Eric Mc said:
I actually replied to the thread subject with my first post. Someone else pointed out that the title was not informative - not me. I then responded to THAT post.
I wasn't criticising. I was suggesting this should be done in future for my personal amusement.Example answer:
Don't do that, you might get a bald patch.
Eric Mc said:
My hunch is that Centrica want to leave the gas where it is at the moment and let energy prices continue to climb. Better to blame the government than admit they are trying to maximise their profits.
Then they are taking a big gamble that shale gas extraction is not going to depress gas prices further.s2art said:
Eric Mc said:
My hunch is that Centrica want to leave the gas where it is at the moment and let energy prices continue to climb. Better to blame the government than admit they are trying to maximise their profits.
Then they are taking a big gamble that shale gas extraction is not going to depress gas prices further.f you want to increase tax revenue then you should reduce tax, it's historically proven, but I guess we don't have too many scholars in the treasury.
The added bonus with the energy industry here is it would extend rather than shorten it's lifespan, make harder oil more likely to be explored and exploited, with the brucie bonus of improving technical expertise which can be exported.
Been a long time since we could call ourselves world leaders. Unfortunately here we will be world leaders at shutting off our own energy early and being in thrall to Russia and the middle east for our power. In a competition between USA and China I would guess we have the smallest pockets.
The added bonus with the energy industry here is it would extend rather than shorten it's lifespan, make harder oil more likely to be explored and exploited, with the brucie bonus of improving technical expertise which can be exported.
Been a long time since we could call ourselves world leaders. Unfortunately here we will be world leaders at shutting off our own energy early and being in thrall to Russia and the middle east for our power. In a competition between USA and China I would guess we have the smallest pockets.
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