I see the December barrel price of oil is down to just a few cents over $27, from $29 recently.
Couple that with the strong pound now over $1.70 from recent $1.58 and we should see a price reduction at the pumps.
Do you believe in Father Christmas?
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You never know what you could win in a raffle!
PP
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Unfortunately a big percentage of what we pay goes in tax, so a 7% drop in the price of crude would not make much difference at the pumps methinks.
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L'escargot by name, but not by nature.
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The figure people usually quote for tax is 77% of the retail price at the pump, but this was estimated before Gordon Brown introduced a 33% rise in corporation tax on the oil producers in 2002 so its probably around 78/79 now.
For those interested its a Supplementary Corporation Tax charge at 10% on UK oil profits. Which comes in addition to the 30% everyone else pays.
Killed the North Sea stone dead. The majors are now quietly selling up and pulling out. The new companies coming in are the tail end charlies looking to screw the last dollar out by cutting costs (and therefore jobs). They do not explore (too risky) so no new reserves...
The government classes this as 'activity' and says its a good thing...
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