Petrol prices- when does the madness end?
Discussion
ingenieur said:
My view is whatever way you slice it, covid forced the oil companies to take a massive hit. I believe they had substantial losses during 2019/2020... so they have to make profits now to stay in business. Some of what they lost would have been paid for by surpluses generated during previous years. Some of it from mothballing. Some of it by charging more in the following years. Profits are then reinvested back into development of future energy supplies, good causes and 'windfall' taxes.
The oil majors were all able to handle those losses. Companies like BP lost £20bn but had a balance sheet to easily soak that up. But if governments had stepped in to force supply to be maintained then we wouldn't have had this huge price spike and the mega profits now being made. DonkeyApple said:
The oil majors were all able to handle those losses. Companies like BP lost £20bn but had a balance sheet to easily soak that up. But if governments had stepped in to force supply to be maintained then we wouldn't have had this huge price spike and the mega profits now being made.
Production had to be cut back because the demand wasn't there. It isn't easy to store 10milion barrels of oil a day. Also remember many of the major producers are national companies, with the remit to maximise value for their governments. They are also largely not in the 'West', so don't necessarily have the same economic priorities as the west do.abzmike said:
DonkeyApple said:
The oil majors were all able to handle those losses. Companies like BP lost £20bn but had a balance sheet to easily soak that up. But if governments had stepped in to force supply to be maintained then we wouldn't have had this huge price spike and the mega profits now being made.
Production had to be cut back because the demand wasn't there. It isn't easy to store 10milion barrels of oil a day. Also remember many of the major producers are national companies, with the remit to maximise value for their governments. They are also largely not in the 'West', so don't necessarily have the same economic priorities as the west do.Every government took its eye off the ball re energy security. Focussed well on employment and keeping as many firms as possible from going to the wall but completely forget about energy security.
Not knowing when lockdowns would end the only entities with a vested interest in ensuring as little mothballing was done by the oil industry were the global governments. Zero downside to the oil industry and as they had a duty to shareholders they did what was right for them.
mattyprice4004 said:
Shiv_P said:
Costco generally make very little money on the fuel or even a small loss, so here is actual pricing for you
The chap behind me only put a tenner in, and then was too brain-dead to be able to wiggle his car through the huge gap between me and the pump opposite.
He probably burned more than he put in queueing and then waiting to get out...
Captain Answer said:
mattyprice4004 said:
Shiv_P said:
Costco generally make very little money on the fuel or even a small loss, so here is actual pricing for you
The chap behind me only put a tenner in, and then was too brain-dead to be able to wiggle his car through the huge gap between me and the pump opposite.
He probably burned more than he put in queueing and then waiting to get out...
RammyMP said:
Captain Answer said:
mattyprice4004 said:
Shiv_P said:
Costco generally make very little money on the fuel or even a small loss, so here is actual pricing for you
The chap behind me only put a tenner in, and then was too brain-dead to be able to wiggle his car through the huge gap between me and the pump opposite.
He probably burned more than he put in queueing and then waiting to get out...
Mr Tidy said:
That's cheap!
I thought I had done well on Sunday when I filled up with BP in Castle Donington for £1.809 a litre for Ultimate E5 - their regular was £1.759 a litre.
When I stopped at the Tamworth services earlier on the M42 (or is it A42) Esso wanted £2.049 for Regular!
Less extortionate not cheap...I thought I had done well on Sunday when I filled up with BP in Castle Donington for £1.809 a litre for Ultimate E5 - their regular was £1.759 a litre.
When I stopped at the Tamworth services earlier on the M42 (or is it A42) Esso wanted £2.049 for Regular!
bigothunter said:
Mr Tidy said:
That's cheap!
I thought I had done well on Sunday when I filled up with BP in Castle Donington for £1.809 a litre for Ultimate E5 - their regular was £1.759 a litre.
When I stopped at the Tamworth services earlier on the M42 (or is it A42) Esso wanted £2.049 for Regular!
Less extortionate not cheap...I thought I had done well on Sunday when I filled up with BP in Castle Donington for £1.809 a litre for Ultimate E5 - their regular was £1.759 a litre.
When I stopped at the Tamworth services earlier on the M42 (or is it A42) Esso wanted £2.049 for Regular!
https://www.bbc.co.uk/news/uk-scotland-tayside-cen...
Oh brilliant. Panic buying in 5,4,3….
It would probably help if Ineos could at least put out a statement saying something like “all deliveries to petrol stations are operating as normal”
Oh brilliant. Panic buying in 5,4,3….
It would probably help if Ineos could at least put out a statement saying something like “all deliveries to petrol stations are operating as normal”
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