| More obscene profits for an energy company...... on 08:42 - Aug 2 with 1770 views | Swansea_Blue |
I’m thinking of building my own swimming pool with all this profit that’s trickling down. |  |
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| More obscene profits for an energy company...... on 08:44 - Aug 2 with 1755 views | homer_123 |
Someone always profits from war..... |  |
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| More obscene profits for an energy company...... on 08:49 - Aug 2 with 1728 views | nrb1985 |
The oil price is being driven but a number of exogenous factors, most if not all of those, have nothing to do with the oil majors.
They have a fiduciary duty to their shareholders first and foremost, which probably includes most ppl on here in their pensions.
They're also the ppl investing most heavily in the energy transition. So it's probably quite important for all of us that they continue to generate free cash flow etc. |  | | |
| More obscene profits for an energy company...... on 08:53 - Aug 2 with 1702 views | ElephantintheRoom |
It’s not that long ago that oil was actually a minus figure per barrel. Funnily enough there was not much profit in it then - apart from those Essex boys who manipulated the world market and made a few hundred million in less than 24 hrs
And therein lies the problem. The government makes more from high fuel prices than the energy companies. As do traders | |
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| More obscene profits for an energy company...... on 08:59 - Aug 2 with 1683 views | nrb1985 |
| More obscene profits for an energy company...... on 08:53 - Aug 2 by ElephantintheRoom |
It’s not that long ago that oil was actually a minus figure per barrel. Funnily enough there was not much profit in it then - apart from those Essex boys who manipulated the world market and made a few hundred million in less than 24 hrs
And therein lies the problem. The government makes more from high fuel prices than the energy companies. As do traders |
Traders make money when there is volatility, not when the prices are high or low.
But let’s just demonize another group of people anyhow. | | | |
| More obscene profits for an energy company...... on 09:03 - Aug 2 with 1660 views | ElephantintheRoom |
| More obscene profits for an energy company...... on 08:59 - Aug 2 by nrb1985 |
Traders make money when there is volatility, not when the prices are high or low.
But let’s just demonize another group of people anyhow. |
I can assure you that a % of a high number is higher than a % of a low number
And those tankers parked off the Suffolk coast a while back weren’t waiting for the price to come down | |
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| More obscene profits for an energy company...... on 09:03 - Aug 2 with 1658 views | NthQldITFC |
| More obscene profits for an energy company...... on 08:49 - Aug 2 by nrb1985 |
The oil price is being driven but a number of exogenous factors, most if not all of those, have nothing to do with the oil majors.
They have a fiduciary duty to their shareholders first and foremost, which probably includes most ppl on here in their pensions.
They're also the ppl investing most heavily in the energy transition. So it's probably quite important for all of us that they continue to generate free cash flow etc. |
What a load of business as usual bollox. |  |
| # WE ARE STEALING THE FUTURE FROM OUR CHILDREN --- WE MUST CHANGE COURSE # | | Poll: | It's driving me nuts |
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| More obscene profits for an energy company...... on 09:09 - Aug 2 with 1616 views | nrb1985 |
| More obscene profits for an energy company...... on 09:03 - Aug 2 by ElephantintheRoom |
I can assure you that a % of a high number is higher than a % of a low number
And those tankers parked off the Suffolk coast a while back weren’t waiting for the price to come down |
"I can assure you that a % of a high number is higher than a % of a low number"
If you're talking about governments and tax revenues yes.
I was referencing your point that traders need high prices to make money though - which is untrue. | | | |
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| More obscene profits for an energy company...... on 09:16 - Aug 2 with 1583 views | SuperKieranMcKenna |
Although any nuance is lost in the simplistic reporting there, just to whip up a bit of outrage. Given their revenue that’s a margin of approx 4,5pc - not exactly piracy. Tesla made more profit than BP last year but people are still happy to line Elon’s pockets.
The issue at the pumps seems to be profiteering as retailers fail to pass on the fall in crude. In terms of energy/gas prices the wholesale price is killing us. Supplier margins are thin hence so many went bust.
In conclusion- we need to ween ourselves off fossil fuels so that we aren’t so exposed to the price volatility. [Post edited 2 Aug 2022 9:20]
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| More obscene profits for an energy company...... on 09:22 - Aug 2 with 1544 views | PrideOfTheEast |
| More obscene profits for an energy company...... on 09:16 - Aug 2 by SuperKieranMcKenna |
Although any nuance is lost in the simplistic reporting there, just to whip up a bit of outrage. Given their revenue that’s a margin of approx 4,5pc - not exactly piracy. Tesla made more profit than BP last year but people are still happy to line Elon’s pockets.
The issue at the pumps seems to be profiteering as retailers fail to pass on the fall in crude. In terms of energy/gas prices the wholesale price is killing us. Supplier margins are thin hence so many went bust.
In conclusion- we need to ween ourselves off fossil fuels so that we aren’t so exposed to the price volatility. [Post edited 2 Aug 2022 9:20]
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Indeed. Look through the headlines. | | | |
| More obscene profits for an energy company...... on 09:29 - Aug 2 with 1510 views | unbelievablue |
| More obscene profits for an energy company...... on 09:16 - Aug 2 by SuperKieranMcKenna |
Although any nuance is lost in the simplistic reporting there, just to whip up a bit of outrage. Given their revenue that’s a margin of approx 4,5pc - not exactly piracy. Tesla made more profit than BP last year but people are still happy to line Elon’s pockets.
The issue at the pumps seems to be profiteering as retailers fail to pass on the fall in crude. In terms of energy/gas prices the wholesale price is killing us. Supplier margins are thin hence so many went bust.
In conclusion- we need to ween ourselves off fossil fuels so that we aren’t so exposed to the price volatility. [Post edited 2 Aug 2022 9:20]
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Right on.
An addendum - I'd love to buy and run an electric car but it is not financially viable for me to do so. I currently have a 10 year old diesel Ford Focus. I earn a good wage, but the cost of living means I have to choose between saving for a house and saving for an electric car. House trumps car. Hopefully in the future there will be sufficient help for those like me who would ideally run electric cars but can't afford to. |  |
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| More obscene profits for an energy company...... on 09:38 - Aug 2 with 1471 views | nrb1985 |
| More obscene profits for an energy company...... on 09:16 - Aug 2 by SuperKieranMcKenna |
Although any nuance is lost in the simplistic reporting there, just to whip up a bit of outrage. Given their revenue that’s a margin of approx 4,5pc - not exactly piracy. Tesla made more profit than BP last year but people are still happy to line Elon’s pockets.
The issue at the pumps seems to be profiteering as retailers fail to pass on the fall in crude. In terms of energy/gas prices the wholesale price is killing us. Supplier margins are thin hence so many went bust.
In conclusion- we need to ween ourselves off fossil fuels so that we aren’t so exposed to the price volatility. [Post edited 2 Aug 2022 9:20]
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Weening ourselves off fossil fuels is ironically got us here in the first place. Lack of investment in supply over the last decade as we all rushed to towards the energy transition has partly led us to where we are now where demand outstrips supply fairly significantly.
I do agree though that we need to move away from fossil fuels of course, but our medicine in the meantime is going to be structurally higher fuel costs until we reach the other side. | | | |
| More obscene profits for an energy company...... on 09:45 - Aug 2 with 1438 views | DanTheMan |
| More obscene profits for an energy company...... on 08:49 - Aug 2 by nrb1985 |
The oil price is being driven but a number of exogenous factors, most if not all of those, have nothing to do with the oil majors.
They have a fiduciary duty to their shareholders first and foremost, which probably includes most ppl on here in their pensions.
They're also the ppl investing most heavily in the energy transition. So it's probably quite important for all of us that they continue to generate free cash flow etc. |
"They're also the ppl investing most heavily in the energy transition."
They spend more money lobbying, investing in opening more oil fields, and marketing than they do on energy transition.
The actual amount of money they put into it is absolutely pathetic.
Pensions will be fecking useless when we don't have food. [Post edited 2 Aug 2022 9:53]
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| More obscene profits for an energy company...... on 09:53 - Aug 2 with 1398 views | nrb1985 |
| More obscene profits for an energy company...... on 09:45 - Aug 2 by DanTheMan |
"They're also the ppl investing most heavily in the energy transition."
They spend more money lobbying, investing in opening more oil fields, and marketing than they do on energy transition.
The actual amount of money they put into it is absolutely pathetic.
Pensions will be fecking useless when we don't have food. [Post edited 2 Aug 2022 9:53]
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Under investment in opening more fields and the death of expensive offshore projects for new oil is big contributor to the current high prices.
In addition, most of the European oil majors have publicly stated goals of reducing fossil fuels to around 50% of their product mix by between 2035 and 2050 respectively. Thus, a huge amount of investment is being diverted either externally or internally to meeting these goals.
You might be right with regards to one or two American companies like Exxon but I don't think what you say holds true if you look at most of the European oil companies. | | | |
| More obscene profits for an energy company...... on 09:54 - Aug 2 with 1391 views | SuperKieranMcKenna |
| More obscene profits for an energy company...... on 09:38 - Aug 2 by nrb1985 |
Weening ourselves off fossil fuels is ironically got us here in the first place. Lack of investment in supply over the last decade as we all rushed to towards the energy transition has partly led us to where we are now where demand outstrips supply fairly significantly.
I do agree though that we need to move away from fossil fuels of course, but our medicine in the meantime is going to be structurally higher fuel costs until we reach the other side. |
China and Europe have both been increasingly hoovering up gas as “clean energy” driving additional demand and therefore wholesale price.
As I posted the other day western oil companies are generally investing by around 15pc of their capital on renewables. However 2/3rds of reserves sit with state owned oil and gas firms. Those firms are only investing approx 5pc of capital in renewables and green energy. It’s not in their interest as fossil fuels provide precious income to their countries.
We are paying the price of successive governments having no long term vision. We should have gone big into nuclear years ago like the French. | | | |
| More obscene profits for an energy company...... on 10:42 - Aug 2 with 1243 views | DanTheMan |
| More obscene profits for an energy company...... on 09:53 - Aug 2 by nrb1985 |
Under investment in opening more fields and the death of expensive offshore projects for new oil is big contributor to the current high prices.
In addition, most of the European oil majors have publicly stated goals of reducing fossil fuels to around 50% of their product mix by between 2035 and 2050 respectively. Thus, a huge amount of investment is being diverted either externally or internally to meeting these goals.
You might be right with regards to one or two American companies like Exxon but I don't think what you say holds true if you look at most of the European oil companies. |
We've had goals for years, need actual actions, which don't often match up with what they're saying. Even if BP are better than our American counterparts, that's not enough because they spent decades throwing money at climate change denial and then tried getting everyone to blame themselves when that didn't work.
These companies have poisoned the planet and deserve absolutely no sympathy or leeway now they're having to do the right thing at a glacial pace. If they actually did something when they knew there was a problem rather than eyeing short term profits then we wouldn't be in this bloody mess.
Many Governments are also to blame of course for not doing enough to force them, usually because they're being paid by the industry.
https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0263596#abstra [Post edited 2 Aug 2022 10:57]
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| More obscene profits for an energy company...... on 10:49 - Aug 2 with 1214 views | SuperKieranMcKenna |
| More obscene profits for an energy company...... on 10:42 - Aug 2 by DanTheMan |
We've had goals for years, need actual actions, which don't often match up with what they're saying. Even if BP are better than our American counterparts, that's not enough because they spent decades throwing money at climate change denial and then tried getting everyone to blame themselves when that didn't work.
These companies have poisoned the planet and deserve absolutely no sympathy or leeway now they're having to do the right thing at a glacial pace. If they actually did something when they knew there was a problem rather than eyeing short term profits then we wouldn't be in this bloody mess.
Many Governments are also to blame of course for not doing enough to force them, usually because they're being paid by the industry.
https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0263596#abstra [Post edited 2 Aug 2022 10:57]
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“Many Governments are also to blame of course for not doing enough to force them, usually because they're being paid by the industry. ”
Correct and see my previous post they are often the ones directly profiting from fossil fuels - 7 of the top 10 oil producers are either wholly or partially state owned. | | | |
| More obscene profits for an energy company...... on 10:52 - Aug 2 with 1202 views | Dubtractor |
| More obscene profits for an energy company...... on 09:53 - Aug 2 by nrb1985 |
Under investment in opening more fields and the death of expensive offshore projects for new oil is big contributor to the current high prices.
In addition, most of the European oil majors have publicly stated goals of reducing fossil fuels to around 50% of their product mix by between 2035 and 2050 respectively. Thus, a huge amount of investment is being diverted either externally or internally to meeting these goals.
You might be right with regards to one or two American companies like Exxon but I don't think what you say holds true if you look at most of the European oil companies. |
Have to be honest here, you come across as a bit of an apologist for the fossil fuel industry in this thread. |  |
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| More obscene profits for an energy company...... on 10:56 - Aug 2 with 1175 views | giant_stow |
| More obscene profits for an energy company...... on 10:49 - Aug 2 by SuperKieranMcKenna |
“Many Governments are also to blame of course for not doing enough to force them, usually because they're being paid by the industry. ”
Correct and see my previous post they are often the ones directly profiting from fossil fuels - 7 of the top 10 oil producers are either wholly or partially state owned. |
Good quality debate - keep it coming please - I'll be reading!
My man Ambrose said the other day that Britain currently has huge new offshore wind farms in the pipeline (more than CHina and the most in the world apparently), so if we can just hang on in there and develop good storage... |  |
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| More obscene profits for an energy company...... on 11:09 - Aug 2 with 1112 views | nrb1985 |
| More obscene profits for an energy company...... on 10:52 - Aug 2 by Dubtractor |
Have to be honest here, you come across as a bit of an apologist for the fossil fuel industry in this thread. |
I'm a pragmatist and call things as I see them.
They are generating huge profits currently due to factors outside of their control. I don't think that's very controversial. | | | |
| More obscene profits for an energy company...... on 11:10 - Aug 2 with 1106 views | BlueBadger |
| More obscene profits for an energy company...... on 08:49 - Aug 2 by nrb1985 |
The oil price is being driven but a number of exogenous factors, most if not all of those, have nothing to do with the oil majors.
They have a fiduciary duty to their shareholders first and foremost, which probably includes most ppl on here in their pensions.
They're also the ppl investing most heavily in the energy transition. So it's probably quite important for all of us that they continue to generate free cash flow etc. |
What is it you like best about the fossil fuel industry? The open corruption, the willingness to to shaft the world over a percentage of the millions spent smearing and spreading disinformation? |  |
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| More obscene profits for an energy company...... on 11:10 - Aug 2 with 1104 views | DanTheMan |
| More obscene profits for an energy company...... on 11:09 - Aug 2 by nrb1985 |
I'm a pragmatist and call things as I see them.
They are generating huge profits currently due to factors outside of their control. I don't think that's very controversial. |
Delaying cutting down emissions and not investing vast amounts of money in renewables is not pragmatism, it's suicide. Profits are not pragmatic in the long term. [Post edited 2 Aug 2022 11:12]
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| More obscene profits for an energy company...... on 11:13 - Aug 2 with 1089 views | pointofblue |
| More obscene profits for an energy company...... on 11:09 - Aug 2 by nrb1985 |
I'm a pragmatist and call things as I see them.
They are generating huge profits currently due to factors outside of their control. I don't think that's very controversial. |
Hmm. Shame it isn’t passed on to the consumer. | |
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| More obscene profits for an energy company...... on 11:16 - Aug 2 with 1071 views | Dubtractor |
| More obscene profits for an energy company...... on 11:09 - Aug 2 by nrb1985 |
I'm a pragmatist and call things as I see them.
They are generating huge profits currently due to factors outside of their control. I don't think that's very controversial. |
It's less that, more your focus on all the good things they are doing re investing (not much) in energy transition, or their publicly stated targets (which we know throughout the years don't necessarily mean too much). [Post edited 2 Aug 2022 11:20]
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| More obscene profits for an energy company...... on 11:19 - Aug 2 with 1047 views | nrb1985 |
| More obscene profits for an energy company...... on 11:10 - Aug 2 by BlueBadger |
What is it you like best about the fossil fuel industry? The open corruption, the willingness to to shaft the world over a percentage of the millions spent smearing and spreading disinformation? |
What is it you don’t understand about why profits are currently so high in that industry? | | | |
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