FabSwingers.com > Forums > The Lounge > BP profit more than doubled
BP profit more than doubled
Jump to: Newest in thread
"They are excessive and much of it is dictated by the markets. We need to remember that those profits are worldwide not just in the UK.
These profits also help to pay pensions. "
I'd rather keep my money than give it to someone else to pay for someone else's pension. |
Reply privately, Reply in forum +quote
or View forums list | |
It's about the 4th time I've said it, Shell and BP is where the UK pension fund is.
It's not in the government's accounts.
I also think the government are getting furlough money back through British Gas profits rather than slap a huge tax directly on the entire population |
Reply privately, Reply in forum +quote
or View forums list | |
 |
By *anes HubbyCouple
over a year ago
Babbacombe Torquay |
The vast majority of BP's profits come from overseas, at the end of the day they are a business that answers to shareholders.
Just a few years ago they made a massive operating loss, they never asked to be bailed out by taxpayers. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By *TG3Man
over a year ago
Dorchester |
"The vast majority of BP's profits come from overseas, at the end of the day they are a business that answers to shareholders.
Just a few years ago they made a massive operating loss, they never asked to be bailed out by taxpayers."
exactly  |
Reply privately, Reply in forum +quote
or View forums list | |
|
By *anes HubbyCouple
over a year ago
Babbacombe Torquay |
"They are excessive and much of it is dictated by the markets. We need to remember that those profits are worldwide not just in the UK.
These profits also help to pay pensions.
I'd rather keep my money than give it to someone else to pay for someone else's pension. "
If you are in receipt of a works related or private pension you almost certainly benefit from energy company profits. |
Reply privately, Reply in forum +quote
or View forums list | |
BP will pay corporation tax on profits, and investors will pay tax on dividends. Pension fund investors will eventually pay tax through annuities or drawdown. Retained profits will be used for re-investment in the business - some of it highly risky. |
Reply privately, Reply in forum +quote
or View forums list | |
It’s takes years and a lot of money needs to be invested to get an oil well up and running. There has been a lot of underinvestment in the oil and gas industry due to government policy of wanting to shift to greener energy. If you’re not investing in fossil fuels and have a heavy reliance on them what do you think is going to happen to the price. |
Reply privately, Reply in forum +quote
or View forums list | |
I think we need to discuss how this wealth thing works. Flip it around and say the energy companies were making record losses. We would all be expected to bail them out through the public purse. Yet when the rest of us are struggling and they are making record profits the same doesn't sentiment doesn't seem to apply.
Everyone is happy to look at wage increases in relation to inflation but not many people want to look at what profit margins do to inflation. I think there a serious debate to have about the the wealth inequality that has grown since the 80s because its huge. Wealth inequality isn't so much a problem in a vibrant economy. But as soon as energy and price of shoping rapidly increases all of a sudden it becomes a disaster in the quality of life for all those not in the top tier of wealth. And the iniquity in this country is so dramatic that even the middle classes are struggling to make ends meet with rising food, energy and mortgage prices. I'm not against free enterprise or profits but those who make profits in a community should also have a responsibility to that community as well as shareholders. Hopefully we are now ready to have a conversation about dramaticly uneven wealth distribution and iffy financial practices. |
Reply privately, Reply in forum +quote
or View forums list | |
"It’s takes years and a lot of money needs to be invested to get an oil well up and running. There has been a lot of underinvestment in the oil and gas industry due to government policy of wanting to shift to greener energy. If you’re not investing in fossil fuels and have a heavy reliance on them what do you think is going to happen to the price."
Yes of which they're happy to offset investments against the public purse rather than pay for it when they have the means to. Effectively the public purse is used to help line the pockets of shareholders. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By *anes HubbyCouple
over a year ago
Babbacombe Torquay |
"BP will pay corporation tax on profits, and investors will pay tax on dividends. Pension fund investors will eventually pay tax through annuities or drawdown. Retained profits will be used for re-investment in the business - some of it highly risky."
Exactly |
Reply privately, Reply in forum +quote
or View forums list | |
|
By *ohn KanakaMan
over a year ago
Not all that North of North London |
I never realised how altruistic these record profits are. 
That are huge amounts of money yet are being applauded because they and their shareholders will pay tax. That makes it okay then |
Reply privately, Reply in forum +quote
or View forums list | |
|
By *avie65Man
over a year ago
In the west. |
"They are excessive and much of it is dictated by the markets. We need to remember that those profits are worldwide not just in the UK.
These profits also help to pay pensions.
I'd rather keep my money than give it to someone else to pay for someone else's pension. "
If people don't have pensions they aren't able to spend money elsewhere and that has in impact on other businesses and the number of people in employment around the country. Then the government would be spending more on benefits whilst taking in less through the tax system. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site) OP
over a year ago
|
"No wonder they make so much. Them Esso, Shell an other big firms are charging 20p most then the super markets around here"
I noticed that.. and motorway services are charging a lot more. There should be a law against them charging so much. The robbing bastards. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
"They are excessive and much of it is dictated by the markets. We need to remember that those profits are worldwide not just in the UK.
These profits also help to pay pensions.
I'd rather keep my money than give it to someone else to pay for someone else's pension.
If people don't have pensions they aren't able to spend money elsewhere and that has in impact on other businesses and the number of people in employment around the country. Then the government would be spending more on benefits whilst taking in less through the tax system. "
if energy companies can charge loads then more of people's pensions go on energy and less to other businesses etc etc.
People who have annuties or DB pensions don't give a fuck what BP do. They've offed their investment risk. Only those I drawdown will have potentially benefited. But I'd imagine that if their pension is diversified it's not a huge amount of extra income into their pot (assuming it's reflected in a higher dividend). And their energy bills will be a lot higher.
|
Reply privately, Reply in forum +quote
or View forums list | |
"They are excessive and much of it is dictated by the markets. We need to remember that those profits are worldwide not just in the UK.
These profits also help to pay pensions.
I'd rather keep my money than give it to someone else to pay for someone else's pension.
If you are in receipt of a works related or private pension you almost certainly benefit from energy company profits."
I'm not. |
Reply privately, Reply in forum +quote
or View forums list | |
I have no issue with companies making a profit. I have a huge issue with profiteering and monopolies and unfair practises. Nobody can convince me the price of petrol and diesel is justified being as high as it is. |
Reply privately, Reply in forum +quote
or View forums list | |
"No wonder they make so much. Them Esso, Shell an other big firms are charging 20p most then the super markets around here"
A mere drop in the ocean for them, the real profits come from selling on prospected sites to other companies |
Reply privately, Reply in forum +quote
or View forums list | |
"It's about the 4th time I've said it, Shell and BP is where the UK pension fund is.
It's not in the government's accounts.
I also think the government are getting furlough money back through British Gas profits rather than slap a huge tax directly on the entire population "
The UK doesn't have a pension fund state pension is paid from taxation tax comes in, pension etc is paid out. There is no pension pot. |
Reply privately, Reply in forum +quote
or View forums list | |
"I never realised how altruistic these record profits are.
That are huge amounts of money yet are being applauded because they and their shareholders will pay tax. That makes it okay then"
But the record profits arise from circumstances outside BP's control. Yes, a huge slice will go in taxes of various kinds. That's how business works : investor's cash is used to fund business activities, sometimes you win, sometimes you lose. |
Reply privately, Reply in forum +quote
or View forums list | |
Saudi Arabia Norway Iran Russia China all retain majority ownership of their oil companies and are filling their treasuries with profits off the back of high prices. BP got sold off on the cheap filling the pockets of investors with off shore accounts.
N.b the BP dividend is meagre they prefer share buybacks to return value to investors. |
Reply privately, Reply in forum +quote
or View forums list | |
"No wonder they make so much. Them Esso, Shell an other big firms are charging 20p most then the super markets around here
A mere drop in the ocean for them, the real profits come from selling on prospected sites to other companies "
The forecourt owner makes more from flowers and pasties than fuel? |
Reply privately, Reply in forum +quote
or View forums list | |
|
By *ad NannaWoman
over a year ago
East London |
They'll be using it to fund research into renewable energy no doubt, for when the oil runs out.
Same as the energy companies.
Our bills can't go back down because they need the money to invest in alternative power sources.
|
Reply privately, Reply in forum +quote
or View forums list | |
"Stop buying BP petrol. "
Do you know where your local fuel comes from?
You have a regional fuel terminal, it might be owned by BP, Shell or any of the others. Now all the fuel companies tankers fill there. |
Reply privately, Reply in forum +quote
or View forums list | |
"They'll be using it to fund research into renewable energy no doubt, for when the oil runs out.
Same as the energy companies.
Our bills can't go back down because they need the money to invest in alternative power sources.
"
Well then they wouldn't be profits would they? If they've invested it? It can't be both a profit and an investment in future energy provision. Its one or the other. And you can see what they are investing in their accounts. And it really isn't significant |
Reply privately, Reply in forum +quote
or View forums list | |
"No wonder they make so much. Them Esso, Shell an other big firms are charging 20p most then the super markets around here
I noticed that.. and motorway services are charging a lot more. There should be a law against them charging so much. The robbing bastards."
Anybody who fills up at a motorway services and pays £1.97 a litre for unleaded is a fucking idiot or just a lazy cunt that can’t drive 1 mile from the motorway and pay £1.45 |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site) OP
over a year ago
|
"No wonder they make so much. Them Esso, Shell an other big firms are charging 20p most then the super markets around here
I noticed that.. and motorway services are charging a lot more. There should be a law against them charging so much. The robbing bastards.
Anybody who fills up at a motorway services and pays £1.97 a litre for unleaded is a fucking idiot or just a lazy cunt that can’t drive 1 mile from the motorway and pay £1.45"
1 mile  it's usually many more miles before I come across one.
|
Reply privately, Reply in forum +quote
or View forums list | |
|
By *ad NannaWoman
over a year ago
East London |
"They'll be using it to fund research into renewable energy no doubt, for when the oil runs out.
Same as the energy companies.
Our bills can't go back down because they need the money to invest in alternative power sources.
Well then they wouldn't be profits would they? If they've invested it? It can't be both a profit and an investment in future energy provision. Its one or the other. And you can see what they are investing in their accounts. And it really isn't significant "
It starts off as profits I assume. Then is spent next year on something they can justify charging us over the odds for.
I can't remember which head of which energy company it was, but he was saying bills won't come down much if gas prices come down, because they need to invest in other sources of energy.
So, we have to pay, so they can carry on supplying us when the oil and gas runs out. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
"They'll be using it to fund research into renewable energy no doubt, for when the oil runs out.
Same as the energy companies.
Our bills can't go back down because they need the money to invest in alternative power sources.
Well then they wouldn't be profits would they? If they've invested it? It can't be both a profit and an investment in future energy provision. Its one or the other. And you can see what they are investing in their accounts. And it really isn't significant "
A business can make a profit and re invest it into the company. eg a business makes 2 million profit last tax year and invested into new equipment this tax year. |
Reply privately, Reply in forum +quote
or View forums list | |
"Most forecourt owners only make 2 to 3p a litre on fuel.I should know I used to run one."
Indeed, and around 50% of the pump price is Tax & Duty that goes directly into government coffers. Then there will be additional Tax on profits and dividends. God alone knows what the government do with all our money. |
Reply privately, Reply in forum +quote
or View forums list | |
"They'll be using it to fund research into renewable energy no doubt, for when the oil runs out.
Same as the energy companies.
Our bills can't go back down because they need the money to invest in alternative power sources.
Well then they wouldn't be profits would they? If they've invested it? It can't be both a profit and an investment in future energy provision. Its one or the other. And you can see what they are investing in their accounts. And it really isn't significant
A business can make a profit and re invest it into the company. eg a business makes 2 million profit last tax year and invested into new equipment this tax year."
Yep and then in this years accounts it won't be profit but will be shown as expenditure. Just look at the it accounts at how much is spent on alternative energy sources. |
Reply privately, Reply in forum +quote
or View forums list | |
It's really really simple. Everyone boycotts BP garages for their fuel but carries on using all the other garages. BP has no turnover so drop their prices to pull back their share of the market. All the other petrol stations would then do the same! Your welcome  |
Reply privately, Reply in forum +quote
or View forums list | |
"It's really really simple. Everyone boycotts BP garages for their fuel but carries on using all the other garages. BP has no turnover so drop their prices to pull back their share of the market. All the other petrol stations would then do the same! Your welcome "
we have the power. |
Reply privately, Reply in forum +quote
or View forums list | |
"Most forecourt owners only make 2 to 3p a litre on fuel.I should know I used to run one.
Indeed, and around 50% of the pump price is Tax & Duty that goes directly into government coffers. Then there will be additional Tax on profits and dividends. God alone knows what the government do with all our money."
HS2 called “Am I invisible to you?”
The government spends money where it is politically expedient to do so, either to stabilise existing voters or tempt swing (pardon the pun) voters, seldom does this expenditure have any real term benefit to society but it looks good.
Interesting note in 2019, the governments revenue from income tax was lower than the cost of benefits paid out, I don’t know what the recent figures are, but that’s not healthy. |
Reply privately, Reply in forum +quote
or View forums list | |
"It's really really simple. Everyone boycotts BP garages for their fuel but carries on using all the other garages. BP has no turnover so drop their prices to pull back their share of the market. All the other petrol stations would then do the same! Your welcome
we have the power. "
But how does one start this revolution??? |
Reply privately, Reply in forum +quote
or View forums list | |
"It's really really simple. Everyone boycotts BP garages for their fuel but carries on using all the other garages. BP has no turnover so drop their prices to pull back their share of the market. All the other petrol stations would then do the same! Your welcome
we have the power.
But how does one start this revolution??? "
Put a yellow post it on your dashboard.. "fill up somewhere other than BP"... Better yet... Everyone loves a #hashtag... "#bpnotforme" |
Reply privately, Reply in forum +quote
or View forums list | |
"They are excessive and much of it is dictated by the markets. We need to remember that those profits are worldwide not just in the UK.
These profits also help to pay pensions.
I'd rather keep my money than give it to someone else to pay for someone else's pension. "
I guess you'll have to buy a bicycle and a warm coat then |
Reply privately, Reply in forum +quote
or View forums list | |
"It's really really simple. Everyone boycotts BP garages for their fuel but carries on using all the other garages. BP has no turnover so drop their prices to pull back their share of the market. All the other petrol stations would then do the same! Your welcome "
Fine plan. Which fuel company do you suggest we use? |
Reply privately, Reply in forum +quote
or View forums list | |
"It's really really simple. Everyone boycotts BP garages for their fuel but carries on using all the other garages. BP has no turnover so drop their prices to pull back their share of the market. All the other petrol stations would then do the same! Your welcome
we have the power.
But how does one start this revolution???
Put a yellow post it on your dashboard.. "fill up somewhere other than BP"... Better yet... Everyone loves a #hashtag... "#bpnotforme" "
Bpnotforme? They are all as bad as one another & know at present we have no other real choice.
You are just dreaming but hopefully enjoyed you day. |
Reply privately, Reply in forum +quote
or View forums list | |
6th comment blames Tories.
*huffffff*
Ooooook so what’s happened is the nasty Tories (who dissolved in 1834) dropped fuel levies as even they felt that £2 a litre was a little steep.
When this happened BP, Shell and the other multinational oil conglomerates saw an opportunity. They reduced the at pump price but not in line with the reduction in tax, increasing their margin, while you still paid less.
It’s verging on profiteering but not enough to attract legal attention.
Could the government get involved? Yes they could but who wants further government involvement in free enterprise?
Ah fk it, yeaaaah Tories bad, eat the rich, nurses, food banks, trains, *insert further Marxist gripes…..*
|
Reply privately, Reply in forum +quote
or View forums list | |
» Add a new message to this topic
