Fuel prices MEGATHREAD

[alchresearch]

Oh............

 

And does anybody remember exactly how much profits (in billions) the petrol companies announced earlier this year?

 

But how much of that was made from petrol? Take the raw cost of petrol into account before the Government adds their bit and its pretty good value for money.

[Mr_Squirrel]

But how much of that was made from petrol? Take the raw cost of petrol into account before the Government adds their bit and its pretty good value for money.

 

Well i would assume that the govenment actually remove their cut before profits are announced...

 

And as i recall (without researching it) Shell and BP announced 17billion profits for the first 3 months of this year.........not bad for 90 days work

[m^rk]

Take a look at what hes said recently.

 

http://www.telegraph.co.uk/motoring/main.jhtml?xml=/motoring/2008/07/13/mrtax213.xml

 

You should be glad that car tax is going up, pleased at the high fuel prices. After all if we want to save the environment sacrifices must be made

 

 

It's alright for him to say that he is on 60k+ a year:rant:

[alchresearch]

Well i would assume that the govenment actually remove their cut before profits are announced...

 

And as i recall (without researching it) Shell and BP announced 17billion profits for the first 3 months of this year.........not bad for 90 days work

 

According to the Evening Standard:

 

This year, Shell will spend up to £13.5bn trying to find new oil - the equivalent of its total profit in 2007. They may be making billions but we shouldn't suppose it's easy.

 

The profits story was just a distraction from the Government cut. They take 65% of the cost, which is more than a little unfair.

[Tony]

Don't forget that HMG charge the oil producers for the privilege of extraction before it even comes out of the ground. The tax paid at the pump is merely the icing on the already highly taxed oil racket for Gordon Brown.

 

Remember, Gordon Brown found a way of taxing fresh air for gazillions when he sold off the 3G licenses to mobile companies. He's a master at this sort of thing.

[Tony]

Found it... here is HMRC's own explanation of the tax on the oil industry itself. While ever we just think that we just pay it at the pump we are missing a lot of the point.

 

 

 

 

The Taxation of the UK Oil Industry: An Overview

The Current Fiscal Regime for Oil and Gas

 

The fiscal regime which currently applies to oil and gas exploration and extraction from the UK and the UK Continental Shelf consists of three elements.

 

Petroleum Revenue Tax (PRT). This is a special tax on oil and gas production from the UK and UK Continental Shelf. It is a field based tax charged on profits arising from individual oil fields (It is not on the aggregate profits from all oil fields owned by each company). The current rate of PRT is 50%. PRT was abolished on for all fields given development consent on or after 16 March 1993. (See OT03000).

 

Ring Fence Corporation Tax (RFCT). This is the standard corporation tax applicable to all companies (subject to some important modifications e.g. relating to capital allowances) with the addition of a "ring fence".The ring fence prevents taxable profits from oil and gas extraction in the UK and UK Continental Shelf being reduced by losses from other activities or by excessive interest payments (see OT21200).

 

Supplementary Charge (SC) This is an additional charge of 10% on a company’s ring fence profits excluding finance costs. The supplementary charge was introduced from 17 April 2002 (see OT21200).

 

In addition, Royalty was charged up to 31 December 2002, when it was abolished. It was levied at 12½% of the gross value of oil and gas won in a particular licence area, less an allowance for the costs associated with the conveying, treating and initial storage of the oil and gas between the well head and the point of valuation, usually the terminal onshore. Royalty was payable on a licence basis in exchange for the right, granted under licence, to extract oil and gas belonging to the Crown. It applied to onshore licences from 1934 and was extended to offshore licences when they were first issued in 1964.

 

 

 

 

http://www.hmrc.gov.uk/manuals/otmanual/ot00020.htm

[Flange]

He is right i agree with him

I suppose that's because you're unspeakably wealthy and can afford high fuel prices along with buying 8 new bikes in 5 years and a convertible Alfa?

[Sizza]

It's intriguing that the motorists on this thread have chosen to make abusive comments about Hilary Benn rather than explain why they disagree with his argument.

 

From my viewpoint, I think he's quite correct. We all agree that we as a society use too much fuel and that there are too many cars on the road. Most motorists are either too lazy or selfish to change their habits, so if rising petrol prices force them to stop making unnecessary journeys, that can only be a good thing.

 

So we will see him setting an example on the 52 going into town then if he ever calls in our way?

[Berberis]

So we are told our fuel bills (elec, gas) are linked to the price of oil and as oil prices rise we are all forced to accept higher fuel bills right?

 

So why have they not come down? Oil peaked at around $146 a barrel and was cited as the reason why fuel bills had to rise but its now at around $83 a barrel but mine have certainly not lowered. Oil prices have dropped by nearly 42% but have your fuel bills come back down?

[Swan_Vesta]

Oil prices have dropped by nearly 42% but have your fuel bills come back down?

 

No, but neither have my trousers gone back up where Npower/Eon etl have been pulling my pants down for years