Shell caught red handed profiteering from high gas prices.

reactor_3

http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/4387764/Shell-profits-hits-record-31bn-despite-fall-in-oil-price.html


Of course Shell didn't need a high oil prices when it was creaming the money in in from extortionate gas prices.

KimYeovil

Since when is a company making a profit 'profiteering' or something to be 'caught red handed' doing?

Perhaps you would prefer they mismanage their affairs and call on governments (tax payers) to bail them out, instead?

reactor_3

KimYeovil wrote: »

Since when is a company making a profit 'profiteering' or something to be 'caught red handed' doing?

Perhaps you would prefer they mismanage their affairs and call on governments (tax payers) to bail them out, instead?

Well I would rather do that than have to pay untill 2030 in high taxes to bail out the banks.

If I was in government I would confiscate the £30 billion and a similar ammount from BP to reimburse the tax payer.

Magically it seems a similar ammount to what we are having to give to the banks - what a coincidence :think:

And remember all their profit are from a result of price rigging.

kjsmith7

I wouldn't go as far as to say price rigging, however you could say the same about a number of industries. How come linux is free, when you have to pay for Windows, for instance? Microsoft buying out small companies and closing them is not profiteering, it is sensible business. It is a shame that we are so reliant on gas and oil.

1carminestocky

Shell's profit is quite an extraordinary figure, isn't it?

kjsmith7

1carminestocky wrote: »

Shell's profit is quite an extraordinary figure, isn't it?

Aye, that it is!

savers_united

Energy companies are far from innocent, but surely them making a profit is just what all businesses try to achieve.
The only difference is that we all need to keep warm, we don't all need a new TV or car every year.
These companies know we are dependent on their product and services and so can drag their feet with price reductions etc.
However we only turn a switch and the home warms up, people forget about how the gas reaches their property and where our future energy will come from, yes the word exploration is rarely mentioned, even though to these companies its their biggest expense.
These companies are continually looking for more gas reserves, and if they find it after great expense then they should be rewarded, these people who find gold are, and remember every year it is getting harder and harder to find and demand keeps increasing.

I don't disagree that some of their profits are high, but then what if they were not, would you help them out or feel sorry for them.

reactor_3

savers_united wrote: »

Energy companies are far from innocent, but surely them making a profit is just what all businesses try to achieve.
The only difference is that we all need to keep warm, we don't all need a new TV or car every year.
These companies know we are dependent on their product and services and so can drag their feet with price reductions etc.
However we only turn a switch and the home warms up, people forget about how the gas reaches their property and where our future energy will come from, yes the word exploration is rarely mentioned, even though to these companies its their biggest expense.
These companies are continually looking for more gas reserves, and if they find it after great expense then they should be rewarded, these people who find gold are, and remember every year it is getting harder and harder to find and demand keeps increasing.

I don't disagree that some of their profits are high, but then what if they were not, would you help them out or feel sorry for them.

Complete Bull.
It is well kows where all the world oil reserves are.
I have not seen any drilling in my back garden.

They have not found anymore oil, they have just profited from selling oil
for way more than it costs to produce.

And that is especially true for gas wich they have colluded to keep at record hihgh prices whilst the less well off in the countryfreze, often literally freezing to death.

And dispite their high profits they can't provide a reliabble supply, always running into unexpected problems just when the price should be falling.

kjsmith7

reactor wrote: »

Complete Bull.

Whilst I agree with points of what you say, should our objective now not to become less reliant on gas and oil? Perhaps the 'biofuel' tech, but I've heard that may not be as good as first thought. I'm constantly getting told about hydrogen-fuelled cars (which supposedly will cost a lot to develop, and there is obviously lots of objections from the Oil nations) ...?

A_fiend_for_life

reactor wrote: »

Well I would rather do that than have to pay untill 2030 in high taxes to bail out the banks.

If I was in government I would confiscate the £30 billion and a similar ammount from BP to reimburse the tax payer.

Magically it seems a similar ammount to what we are having to give to the banks - what a coincidence :think:

And remember all their profit are from a result of price rigging.

Well wouldn't a big stealth tax help Gordon Brown. Wouldn't be very good for the market so guess it's on the cards. The telegraph article states they are looking at capital expenditure for 2009 at similar levels to 2008. But not where. Last I heard the US was more favourable for renewables.

Big profits neverthless but better to encourage reinvestment I think.
.
.
.
.
.
.

reactor_3

A_fiend_for_life wrote: »

Well wouldn't a big stealth tax help Gordon Brown. Wouldn't be very good for the market so guess it's on the cards. The telegraph article states they are looking at capital expenditure for 2009 at similar levels to 2008. But not where. Last I heard the US was more favourable for renewables.

Big profits neverthless but better to encourage reinvestment I think.
.

Rubbish the big profits are just big profits end of.
They have made big profits in the past?
What benefit did we see from those? - Sweet F.A. Just more price rises.
Sod em Slap a big enough tax on them to bankrupt them.