JFKvsNixon Posted February 1, 2016 Share Posted February 1, 2016 (edited) Of course that's the reason, they are a business, making profit is what they do. Every penny of that investment in future profit is expenditure. In other words, jobs and wealth creation outside the oil company. While you're composing a reply let me refer you to this question. How could anybody answer that question within the scope of a reply here on SF? You could write a book answering that question. Come on, you're not daft enough to think that really. Am I daft enough to become more and more frustrated how western capitalism has become completely fixated by it's end of year figures? Yes I am, it seems to be the only thing that matters in business. As a staunch capitalist, I think that this is a bad thing. Edited February 1, 2016 by JFKvsNixon Link to comment Share on other sites More sharing options...
tinfoilhat Posted February 1, 2016 Share Posted February 1, 2016 Thanks Nagel, I remember that you actually know what you're talking about on this subject. I'm not going to do it myself now but do a bit of research on the monies reinvested in recent years. You might be surprised at the billions that are put back in for future exploration and infrastructure. They are asking for a temporary break on a supplementary industry tax, while times are bad. That request doesn't leave a nasty taste in my mouth, I might even be enterprising enough to agree a clawback with interest. Did the oil companies do the UK government any favours when the country was in recession and fuel prices were through the roof? Link to comment Share on other sites More sharing options...
truman Posted February 1, 2016 Share Posted February 1, 2016 Did the oil companies do the UK government any favours when the country was in recession and fuel prices were through the roof? Biggest proportion of fuel costs go to the taxman.. Link to comment Share on other sites More sharing options...
999tigger Posted February 1, 2016 Share Posted February 1, 2016 The reason that UK Oil is worth saving is that the UK oil industry employs 375,000 people. It employed 440,000 people in 2014, a loss of 65,000 jobs. UK Steel employed 18,000 people in 2014 and I think around 5000 jobs will be lost. No one should lose their job, but you can see from the figures why the government would favour the oil industry. What's shocking is how few people know about the devastation of the oil industry. I guess out of sight, out of mind, but if any other single UK sector lost 65,000 jobs in less than two years there'd be a right old stink. Only partially. You dont mention the fact that a larger industry would require substantially more subsidy, so size alone doesnt tell the whole story. Hundreds of thousands lost their jobs in the city and that goes along pretty unnoticed. Link to comment Share on other sites More sharing options...
tinfoilhat Posted February 1, 2016 Share Posted February 1, 2016 Biggest proportion of fuel costs go to the taxman.. So the big drop in fuel costs is down to the taxman? Link to comment Share on other sites More sharing options...
geared Posted February 1, 2016 Share Posted February 1, 2016 The reason that UK Oil is worth saving is that the UK oil industry employs 375,000 people. It employed 440,000 people in 2014, a loss of 65,000 jobs. UK Steel employed 18,000 people in 2014 and I think around 5000 jobs will be lost. No one should lose their job, but you can see from the figures why the government would favour the oil industry. What's shocking is how few people know about the devastation of the oil industry. I guess out of sight, out of mind, but if any other single UK sector lost 65,000 jobs in less than two years there'd be a right old stink. The UK coal industry employed far more than that, the Torys didn't think twice about putting that to bed when it wasn't making profit anymore. Link to comment Share on other sites More sharing options...
truman Posted February 1, 2016 Share Posted February 1, 2016 So the big drop in fuel costs is down to the taxman? Nope.. the taxman's percentage has gone up... Link to comment Share on other sites More sharing options...
tinfoilhat Posted February 1, 2016 Share Posted February 1, 2016 Nope.. the taxman's percentage has gone up... So when it was higher it wasn't purely down to the taxman then? I do know BP made $2.2bn in 2014 (pre tax profits) - I googled it. So they weren't that hard up. If the UK government are guaranteed mates-rates the next time oil prices shoot through the roof I'm happy to help out. What I'm not keen on is the tax payer taking the hit whilst they keep posting profits once the panic has died down. Link to comment Share on other sites More sharing options...
truman Posted February 1, 2016 Share Posted February 1, 2016 So when it was higher it wasn't purely down to the taxman then?. Did anyone say it was? Link to comment Share on other sites More sharing options...
tinfoilhat Posted February 1, 2016 Share Posted February 1, 2016 Did anyone say it was? I didn't. I don't think you did either. Link to comment Share on other sites More sharing options...
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