Oil prices reduced by 70%

[Abz]

So, how does it feel to have 70% off fuel?

 

http://www.bbc.co.uk/news/business-35302509

[MattP]

[The Raven]

Heating oil now at 28p my years heating and hot water will cost me 280 quid at current rates. And it's still dropping

[Attero]

We won't feel a thing, the pound is not looking so healthy.

[j_jza80]

Here's some info on the makeup of fuel prices, which clearly shows that no matter how far oil drops, we'll never get bargain fuel like Americans.

http://www.petrolprices.com/the-price-of-fuel.html

 

Just remember that next time you're sat in A&E for 7 hours, that your fuel duty pays for that. Oh, and they charge you VAT on the tax you pay on fuel. They tax you for paying them...

[st3ven1]

You'd need to ask someone in the US, they have seen a dramatic fall in the price of 'gas'. Unfortunately our price has a fixed tax attached to it and not a floating scale percentage, so we will never see anything near the reduction in price we should.

[j_jza80]

I think a fixed rate is preferable, just for the income stability it provides the treasury. Otherwise you'd have chaos in the public finances, and we already have a large enough deficit.

 

Plus, they do get a floating scale in the way of VAT.

 

I wonder how much of that fuel duty finds its way to Corrupt African Dictators, Countries with space programmes, and even groups like ISIS through Foreign Aid?

[SupraAyf]

We won't feel a thing, the pound is not looking so healthy.

 

Yes, but it's the indirect problem that is starting to raise its ugly head. The cost of oil is ripping the heart out of the oil and service industry in this country. We've all seen the BP news article but it goes way beyond 6000 people loosing their jobs. There are parts of the UK's Service Industry that is falling apart without any chance of it recovering in the next few years.

 

This is not looking good for the UK O&G market and many more thousands of people will lose their jobs this year.

[j_jza80]

I'm sure there will be cries for the government to prop up tye industry, and it is important that we retain the industry skills. But I would rather money was used to invest in tidal / wave power, freeing us of our attachment to North Africa and the Middle East, and providing a sustainable, clean industry. We are perfectly suited to such an industry.

[st3ven1]

It was 65000 jobs lost in the Oil and Gas sector by September last year so will easily be 70000+ now. Not a good time to be working in the industry.

 

All change from three years ago when there was only 0.4 applicants for each job available, now I know it's in the hundreds for each of the very few jobs available.