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RagnarRocks

Nicola Sturgeon

Just been watching Murnighan on Sky news with Nicola Sturgeon and the discussion on Scottish economy, how fortunate they are independence wasnt a fact with oil price now at $60 a barrel not $100 but she seemed a bit tetchy not her usual well groomed self
mrsbradey

Oh my!

She sure has let herself go since losing the referendum, at least she has kept th same hair style!!
MI16

I think you are misinformed on the price of a barrel of brent crude?
It is marginally below $70
RagnarRocks

MI16 wrote:
I think you are misinformed on the price of a barrel of brent crude?
It is marginally below $70


So nowhere near $100, point made enough quibbling !
mrsbradey

Interestingly a barrel of crude oil is 42 US Gal, from which 19 US Gal of gasoline can be made. The current average price in US per US Gal is $2:89, which equates to $54:91 per barrel. So as the tax is only 18.4cents per gal, there is little profit in oil.

And why are we taxed so much?
fred

mrsbradey wrote:
Interestingly a barrel of crude oil is 42 US Gal, from which 19 US Gal of gasoline can be made. The current average price in US per US Gal is $2:89, which equates to $54:91 per barrel. So as the tax is only 18.4cents per gal, there is little profit in oil.

And why are we taxed so much?


Petrol is only one of the things made from oil, it goes through a process of fractional distillation where it is heated and petrol, diesel, paraffin, heating oil, lubricants and solvents all condense at different temperatures and are sold separately. The gunge of toxic waste left over is made into plastic.

We are taxed so much because we let them get away with it.
mrsbradey

fred wrote:
mrsbradey wrote:
Interestingly a barrel of crude oil is 42 US Gal, from which 19 US Gal of gasoline can be made. The current average price in US per US Gal is $2:89, which equates to $54:91 per barrel. So as the tax is only 18.4cents per gal, there is little profit in oil.

And why are we taxed so much?


Petrol is only one of the things made from oil, it goes through a process of fractional distillation where it is heated and petrol, diesel, paraffin, heating oil, lubricants and solvents all condense at different temperatures and are sold separately. The gunge of toxic waste left over is made into plastic.

We are taxed so much because we let them get away with it.


Yes I hadn't considered that the percentage other than gasoline wasn't just waste!!
MI16

RagnarRocks wrote:
MI16 wrote:
I think you are misinformed on the price of a barrel of brent crude?
It is marginally below $70


So nowhere near $100, point made enough quibbling !


but is it a temporary dip, long term slump or a forever collapse?
ducati

Don't think it is that tempory, Back to levels of over 20 years ago isn't it?

And you have to remember Oil is a global business with the same companies doing the extraction all over the world. They always favour the most profitable areas and as the price falls, that isn't the North Sea.

Long term, it will become increasingly expensive, difficult and ultimately forbiden to use oil so the writing is definitely on the wall.

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