That’s like saying farmers have been profiting because the wholesale prices of wheat are high. Oil products like diesel and gasoline have a wholesale price set by the market.
Fuel price discussion thread (was ‘chaos’)
- Thread starter watercooledman
- Start date
That's true. But then the refineries do their refining and sell on the open market to independent suppliers like the supermarkets, or 'sell' to their subsidiaries in a paper accounting exercise when they add on their extra profit.
No the report doesn't say that. It doesn't say why hence the deeper survey now. Prices are set by the market not refineries so I expect lack of capacity is driving prices higher.
So why doesn’t lack of capacity equal lack of supply? When Nvidia ect were making record profits there was quite obviously a lack of supply pushing prices up, you could get gpus but not easily.
I'm not sure there was such a lack of supply, or nothing to the extent they made out, I think Nvidia sold A LOT of graphics cards directly to miners.
But I guess that's going off topic a little.
Yes but either way it meant lack of supply to people wanting to buy gpus. At one point my 3070 was worth nearly double what I paid for it.
Price guidance is set by the monthly ICIS report which buyers and sellers use as a guide with a high and low price as well as the advised price.
ICIS ring up bp/shell etc and also middle man distributors asking about their month and what volumes they have sold / promised on contract etc.
They're also inquisitive of cargos that sold to outside of the region, EU to Africa for instance.
Any oil being sold to outside of the region means a lower volume being received to with the region.
ie-: x EU middle man sells 2 cargo ships of 95 Brigstock(460cst industrial grade oil), knock on effect is the advised guide price would go up as this grade is available but no as freely as others.
Just like joe bloggs and toilet rolls, companies buy up any they can get their hands on to stock up on.
This pushes the price further.
This point still stands.
Yes agreed the knock on effect is the same.
Yep been saying same thing, it's incredible the life we all lead isn't it...
- You work and you pay taxes and your NI on every penny you earn pretty much.
- You go to the shop and most things you buy is taxed... so you pay tax again...
- You go to buy your car, you're taxed to buy it, taxed to put on the road then taxed to run it through fuel tax.... then you're taxed to fix anything on it after paying all this previous tax...
- You need a repair on/in your house... you are taxed again by the person who comes to fix it... and then that guy/gal is then taxed for doing that work on your house...
you can always join Lewis in Monacco, petrol duty will still apply though,
I've no problem with duty+vat - fuel is so important to the economy and transport infrastructure required to go with it needs financing.
if you just applied a single super-vat at point of sale you'd probably have some fraud, versus securely applying duty as the fuel is delivered from the few companies who can actually make it, equally having a vat, too, similar to other products just makes it easy to administer at pos.
with the refinery capacity that reduced closure/mothballing during covid , not sure we have any data to show, supply from refineries is being limited, they are probably the bottleneck,
similarly for the gpu chips the fab capacity was reduced courtesy of covid, they were temporarily closed.
I've no problem with duty+vat - fuel is so important to the economy and transport infrastructure required to go with it needs financing.
if you just applied a single super-vat at point of sale you'd probably have some fraud, versus securely applying duty as the fuel is delivered from the few companies who can actually make it, equally having a vat, too, similar to other products just makes it easy to administer at pos.
with the refinery capacity that reduced closure/mothballing during covid , not sure we have any data to show, supply from refineries is being limited, they are probably the bottleneck,
similarly for the gpu chips the fab capacity was reduced courtesy of covid, they were temporarily closed.
This is why the likes of Corbyn are such a problem - despite all the reasonable sounding ideals the upper class won't just be a static target to balance the books, instead those in the middle who are working and paying their taxes will end up feeling the squeeze to make up the shortfall.
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Corbyn hasn't been relevant for several years.
He is one of the more prominent of those who share a similar line of thinking.
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Isn't this happening now with a Tory government?
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Highest Tory tax burden in decades, still worrying about Corbyn who hasnt been relevant for years. 
Sure - but people often then bring up the kind of stuff Corbyn talks about as if it is the antidote to it and seem oblivious to the obvious downfalls.
Highest Tory tax burden in decades, still worrying about Corbyn who hasnt been relevant for years.
I tend to worry about the bigger picture.