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Oil Profits

BP made £23bn profit in 2022 which was their highest for 114yrs. She'll also made their highest profit for 115yrs.

They have, however, paid more tax. The only problem with that is that this windfall is administered by the Government who don't cure the basic cause of the inflated prices of everything we use or buy. The cost of fuel! Give the money directly back to the population by cutting petrol, diesel and gas prices. Production, distribution, farming and everyday living expenses, such as food, travel and heating, become cheaper. Fuel is the underlying commodity that oils (sorry!) our society.

Brent crude was $128 a barrel and has fallen to $80 a barrel. The price of gas likewise has fallen. I know there is always a lag between falling fuel prices and seeing the benefit at the pumps. Prices always rise quickly but fall slowly.!

In conclusion, the Government should not put extra fuel tax income into it's general revenue pot. Dedicate it to reducing fuel costs.

Energy prices should quickly reflect reductions of cost of production. However, I know crude is bought at future prices so this is not as easy as it seems. Perhaps that could change?

The Government should strive to make fuel prices as cheap as possible because it is fundamental to an efficient and prosperous society. Cheaper fuel costs directly or indirectly benefits the whole nation.


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