UK government admits Rosebank oil will not be kept in UK to boost energy security
www.theguardian.com
Ministers have previously claimed oilfield development will improve domestic energy security and help consumers

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  • idkmybffjoeysteel [he/him]
    ·
    10 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.

      • idkmybffjoeysteel [he/him]
        ·
        10 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
          ·
          10 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

          • 420stalin69
            ·
            10 months ago

            Think about what you just said for a second.

            If the price doubles and the profit margin remains the same, that exactly means that the price is inelastic.

            Which is directly synonymous with saying the price is not subject to supply and demand pressure because that would imply elasticity.

            You pointed to price inelasticity as proof of price elasticity. God fucking damn.