The obscene profit taking is not being done by the energy companies (although they are filling their boots)
What is fucking the market is the energy traders and hedge funds. Shell and BP made a boatload last quarter - most of the increase cam not from production but their energy trading divisions
It still costs the same to get this shit out of the ground - the only thing thatās changed is demand and volatility- a traders wet dream
Everyone is stocking up for the winter - Germany has shat their pants - itās carnage
On the subject of the Krauts, they are trying to push through energy rationing on the EU. Spain have got the right hump because they have zero reliance on Russian gas and donāt see why they should. Particularly when the Germans told them during the financial crisis that actions have consequences
And Johnson is happy to sit on his fat arse and do nothing and pass the problem on to one of the two twats preening themselves to take over the government- From what I see in the media, neither have a clue.
Labour need to ensure a general election doesnāt happen and they win otherwise theyāll end up getting blamed for the UK going down the pan (more than it has currently)
Hereās a thought - donāt know whether itās a new one.
If - as those in power are telling us - the main reason for energy costs going through the roof is Putins invasion of Ukraine, then the Russians must pay.
All the frozen bank accounts and Russian assets should be used to lower our energy costs to what they were before the invasion, which the world has condemned as illegal, so the billions of dollars available should be sequestered by the countries holding them.
Donāt be silly.
The Tories will already have done a deal to only take 10% of those funds as a donation the moment peace is declared and they can release the funds.
Why give it to Joe Public?
I donāt understand why anyone would think the war in Ukraine affects energy prices here, it has nothing to do with it at all. Our energy prices are the highest in Europe by a long way, and our energy companies have obscenely high profits as a result of it, even though the Government are boasting that we no longer buy any gas from Russia. We have no gas reserves because the Tories flogged off the storage facilities to their mates. Whereas Germany have large amounts of gas in their storage facilities, bought when prices were a lot lower.
Eu price cap on gas - Ā£37 per megawatt hour.
UK price cap on gas - Ā£263.79 per megawatt hour.
France raising prices by 4%, the Netherlands 5%, the UK 80% and rising.
Dieter Helm, formally the governmentās energy advisor, now economics professor at Oxford University says āgovernment failure, not the war in Ukraine is the cause of our ridiculously high energy prices, attacking the ābrokenā privatisation model for energy and water, neither of which are āfit for purposeā, nor are their regulatorsā.
Those in power in this country rig the system for themselves, their friends and their donors, at the expense of everybody else. And still a hard core of people doff their caps, tug their forelocks and say thank you master for the few crumbs given to them.
We actually do have gas storage facilities in Alton from the oil wells which have depleted they are filled with gas to aid pushing out what remaining oil is in them and for gas for the winter.
Yep, energy price rises were forecast well before Putin invaded Ukraine.
The hard reality of this lack of Government intervention is about to bite big time. There will be loads of small businesses, charitable organisations, welfare centres, etc that will be forced to close because of this. And what does that straw haried fat cunt say - buy a new kettle. Fucking idiot.
Maybe, but theyāre doing fuck all to help though.
Thereās no need for the UK energy prices to be so high - the energy companies are showing the morals of an alley cat selling gas overseas to the highest bidder and fueling (sic) inflation further. They could (should) be compelled to think of the UK first - imho obviously
We have effectively outsourced gas storage to Europe - stupid, I know because it has bitten us right on the arse. Usually we would export during the summer and import from European gas storage in the winter
We will have more strategic gas storage after this I suspect, although that is not much help now.
The only thing that the govt could do is to cap prices which in turn will mean the taxpayer pick up the bill and god know how many billions that is going to cost
