Energy Prices (Strictly NO referrals!)

[Greebo]

not without appropriate tax for our resources.

Oil and gas: Ring Fence Corporation Tax

The modified Corporation Tax rules for companies in the UK oil and gas industry including calculating the charge and payment deadlines.

www.gov.uk

Ring Fence Corporation (RFCT) tax and the supplementary charge only apply to companies involved in the exploration for, and production of, oil and gas in the UK and on the UK Continental Shelf (UKCS)).

Never denied that was the case but your point is irrelevant as to why allowing the fracking of gas would mean a drop in the price.

 

[bigmike20vt]

It's quite clear the UK's energy security is beyond at-threat. I'd actually support some sort of nationalised fracking operation; extraction could be ringfenced for domestic supply only.
To think we can't because of green issues or whatever is insane - society is built on and needs energy.

I dont think it is insane to not want to risk ground water pollution, having earth tremors around your house or otherwise release lots of nasty pollutants.

Supporting the economy and society IS important.... but not as important as trying to minimise the environmental disaster which is coming, and all but the most blind person - or those who really do not give a monkeys about anything beyond the next 30 years - cant see that things are bad environmentally and it is us who have had a huge part in that.... Fraking is a huge no no for me imo and banning it is one of the few decent decisions government has made.

 

[EddScott]

I don't know what Scottish Power are playing at.

My DD is at 70 now. I've reduced it due to significant credit.
It looks like we are spending 100ish a month.

They keep wanting to put my DD up to 90.

But I'm 600 in credit. I'm soon going to ask for this back as it would be handy right now. But I cannot fathom why they are trying to put the DD up!

I was paying £193 a month with Scottish Power. Built up credit of £800. They dropped my DD to £83.

Their first fixed rate offer was £421 a month. Their most recent fixed rate offer was £377.

My current rate expires the end of July. I'm doing nothing, let the rate drop onto their standard rate and see what happens in October.

 

[413x]

I was paying £193 a month with Scottish Power. Built up credit of £800. They dropped my DD to £83.

Their first fixed rate offer was £421 a month. Their most recent fixed rate offer was £377.

My current rate expires the end of July. I'm doing nothing, let the rate drop onto their standard rate and see what happens in October.

If my fix was ending soon I'd accept the DD being what it is. But it isn't ending for 2 years. So no idea what going on

 

[purplesky]

Ouch... go have a look at the GBP against the USD today.
More price rises to come folks.

Now thinking the Bank of England really do have to start dramatically increasing interest rates

 

[jpaul]

Never denied that was the case but your point is irrelevant as to why allowing the fracking of gas would mean a drop in the price.

you implied they dispose of uk sovereign resources with no recourse

 

[purplesky]

Stock markets going down, cryptos going down, currencies devaluing rapidly against the USD. Today's price action shows this clearly.
As inflation is a real problem, the best way to deflate is to significantly reduce demand by ensuring prices keep going up. Nobody will have anything left to spend on anything. All going to plan, and if it kills off a few hundred million worldwide, then the powers that be really will get their chance to "build back better"

 

[413x]

Ouch... go have a look at the GBP against the USD today.
More price rises to come folks.

Now thinking the Bank of England really do have to start dramatically increasing interest rates

Damn its near the 5 year low!

Maybe there will be a 0.5 jump seeing as:
-Everyone has been given 400 per household
-there is no meeting in July
-we're screwed if they do it or don't

 

[Greebo]

you implied they dispose of uk sovereign resources with no recourse

No i didn't. My post was in direct response as to why gas fracking wouldnt drop the price as we are already almost self sufficient in UK gas. At no point did I claim we didnt get revenue from the gas/oil extracted in the UK.

 

[200sols]

Stock markets going down, cryptos going down, currencies devaluing rapidly against the USD. Today's price action shows this clearly.
As inflation is a real problem, the best way to deflate is to significantly reduce demand by ensuring prices keep going up. Nobody will have anything left to spend on anything. All going to plan, and if it kills off a few hundred million worldwide, then the powers that be really will get their chance to "build back better"

Dollar strength could push the world into a global recession. No joke.

 

[JamesH85]

Thats

Dollar strength could push the world into a global recession. No joke.

I was just thinking this, multiple countries at least heading for a recession not just the UK.

 

[purplesky]

Dollar strength could push the world into a global recession. No joke.

More like a depression.

Bank of England now can't simply follow the Fed, but get ahead. If US rates get to 4% within 12 months, the UK needs to be at least 4.5%

Lots of people are going to be losing their houses before long.

 

[200sols]

More like a depression.

Bank of England now can't simply follow the Fed, but get ahead. If US rates get to 4% within 12 months, the UK needs to be at least 4.5%

Not going to happen. I'd be surprised if they even hiked 50bp this week.

 

[cheesefest]

Ouch... go have a look at the GBP against the USD today.
More price rises to come folks.

Now thinking the Bank of England really do have to start dramatically increasing interest rates

The rubbish exchange rate of gbp to usd has some contribution to the price rises as oil is bought in usd and probably some commodities.

Also Brexit is to blame too. Most brexiteers voted Brexit for one thing - immigration. Weren’t bothered about price rises etc as economists warned people. But no, relied on the rubbish the Daily Mail produced.

Also over 75s should be banned from voting. As unable to due jury service. As I hear people voting for a certain party because their husband did. When he died 30 years ago

 

[purplesky]

Not going to happen. I'd be surprised if they even hiked 50bp this week.

The BofE will do what the Fed tells them to do

 

[bigmike20vt]

Also over 75s should be banned from voting. As unable to due jury service. As I hear people voting for a certain party because their husband did. When he died 30 years ago

I hear what you are saying and its not without merit but I dont think this is right. Every adult should get to have their voice heard, even tho yes it may seem a little unfair people at end of life pushing through decisions which will not affect them but will affect others for many many years to come.

BUT younger people need to be encouraged to vote, that is ulitmately the problem. the older you get the more likely you are to vote. IMO the argument (which we both just made but in different ways) that older people are ruining younger peoples lives by voting its kind of made moot when the younger people cant even be bothered to cast their vote. Its a bit like if i were to complain that the person who won the lottery was already loaded and it isnt fair............... when i didnt buy a ticket myself.

If everyone eligible to vote actually voted then their demographic would be much better represented........... After all 70+ people are in a minority when push comes to shove.

It is way OT for this thread but the whole voting thing in this country is broken anyway. it does not really matter what i vote as my voice will not be heard thanks to 1st past the post. Not an issue for brexit but is for most other votes in this country.

 

[200sols]

The BofE will do what the Fed tells them to do

No they won't. Why are you peddling nonsense.

 

[Greebo]

Not going to happen. I'd be surprised if they even hiked 50bp this week.

I disagree. As inflation continues to rise, BoE will have no choice but to keep hiking interest rates steadily over the next year or two.

 

[Rroff]

BUT younger people need to be encouraged to vote, that is ulitmately the problem. the older you get the more likely you are to vote. IMO the argument (which we both just made but in different ways) that older people are ruining younger peoples lives by voting its kind of made moot when the younger people cant even be bothered to cast their vote. Its a bit like if i were to complain that the person who won the lottery was already loaded and it isnt fair............... when i didnt buy a ticket myself.

Obviously it isn't uncommon with younger people to not have their head around politics but also I find a lot of younger people, even those clued up, are somewhat in the political wilderness and many find the mainstream parties alien to their political position and/or might vote for some of the smaller parties due to some shared ideologies for instance environmental issues, but don't really see eye to eye with those parties either.

 

[silversurfer]

So if you allow fracking, all that will happen is that the fracking companies will make massive profits selling the fracked gas at world prices.

Europe has a deficit of energy so if UK is a producer under all scenarios, it'll benefit our whole country via trade balance and so the currency. a lot of prices rising is we have weak currency and we import too much If we are linked to Norway on its energy then they will have a good currency value from one of the worlds largest capital reserves.

I disagree. As inflation continues to rise, BoE will have no choice but to keep hiking interest rates steadily over the next year or two.

Every rate rise will increase the cost of debt to government spending. A large part of GDP is the fiscal budget. Ultimately rates always lag inflation, people lose out from this effect.