It makes the already-wealthy owners of the extraction license wealthier and nothing more than that you boot sucking goon.
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Biohazard@feddit.uk 5 months ago
The increased supply will reduce the global price which makes oil products cheaper to UK consumers.
420stalin69@hexbear.net 5 months ago
JillyB@beehaw.org 5 months ago
Theoretically, that would only reduce the price proportional to the amount of new production relative to existing world production. This does little to dampen market turbulence.
Biohazard@feddit.uk 5 months ago
True. Oil companies hold up the FTSE 100 so the government are pussies about demanding taxes
echodot@feddit.uk 5 months ago
Right so why have they been granted extra licenses since they clearly are enough of a market force already. Why give them more of a share when they don’t apparently contribute anything to the economy.
idkmybffjoeysteel@hexbear.net 5 months ago
Sorry buddy but the price of energy in the UK is no longer correlated with supply and demand and hasn’t been for at least two years now.
Biohazard@feddit.uk 5 months ago
Obviously it is. When oil prices are high, do petrol prices go down?
idkmybffjoeysteel@hexbear.net 5 months ago
A better question is, if the underlying cost of providing energy has increased, why are fossil fuel companies reporting record high profits.
Biohazard@feddit.uk 5 months ago
Because when you charge 20% on something and the value of that thing doubles you make double the amount too. I think the UK government is way too cosy with big oil and is scared of asking for more