Royal Dutch Shell sees huge loss as pandemic hits oil demand
04/02/2021 | news | business | 672
The oil giant reported a net loss of £16bn for 2020 as the coronavirus pandemic caused demand to slump.
1
04/02/2021 10:45:17 20 6
bbc
Not really tripping over myself with sympathy here.

The only sad thing is that it'll be taken out on the staff.
302
04/02/2021 12:09:47 7 6
bbc
And your evidence for this is?
446
04/02/2021 12:48:36 3 0
bbc
It already has, EM 15% WW reduction, Chevron doing the same, Shell/BP also shed a similar number...... tough times
493
04/02/2021 13:11:10 1 0
bbc
You’re literally commenting on an article saving 9000 jobs are being cut. You think that’s the board of directors? They could adsorb these costs but won’t as all they care about is cash
2
Hex
04/02/2021 10:45:18 2 5
bbc
Oil has had its time, Shell need to diversify and that means renewable.
7
04/02/2021 10:48:03 2 3
bbc
do you not think they know that!! https://www.shellenergy.co.uk/business/renewables
18
Bob
04/02/2021 10:51:51 1 2
bbc
My God, you should head the company! Why didn't they think of this!

Oh wait, they already do have a plan and have invested billions, just like the other big oil companies have.

Regardless, pandemic aside, oil is still growing and not expected to peak for a good number of years yet.
3
04/02/2021 10:45:26 4 7
bbc
High time to ditch fossil fuels for good.
15
04/02/2021 10:50:51 6 4
bbc
and use what?
20
04/02/2021 10:52:06 0 2
bbc
If only there were viable alternatives which, for now, there are not.
25
04/02/2021 10:53:26 1 1
bbc
It will take a 15-20 year transition period to allow industry, shipping, aviation, car owners etc by which time the North Sea oil will be gone
4
04/02/2021 10:45:40 290 65
bbc
So how much does a barrel of oil now cost?

A lot less than Nicola's "minimum price for independence", I'll wager
49
04/02/2021 11:05:01 92 32
bbc
So many down votes- truth hurts.
143
04/02/2021 11:33:29 38 8
bbc
Price of a barrel of oil is so far away from Wee Nikki's budgeted price it's not even funny.
And her exorbitant price was only just enough to break even, never mind provide all the money a Scottish govt would need.

Whatever she's taking/drinking/smoking I want some of that.
185
04/02/2021 11:42:04 38 8
bbc
When Salmond did his economic forecast for Scotland it was at a min of $120 per barrel with growing demand. The SNP also speak of oil and gas - I might be wrong, but I think that the majority of gas fields are in English waters? Not sure how the SNP will fund free uni, NHS etc will declining oil revenues, UK military withdrawal, banking/services back to England etc? Tourism and EU fishing quota?
248
04/02/2021 11:52:39 41 8
bbc
The SNP is led by people who just plain detest the English....economics are not very important really, they can worry about them later!
309
04/02/2021 12:10:54 13 5
bbc
I think Nicola is banking on global cooling to may Scotland a ski resort

It's about as likely as oil is to fund her anger project
335
04/02/2021 12:18:31 7 9
bbc
The Scots ain't listening, chap.

They've wised up to having the living what not kicked out of them by English politicians for decades.

Plus plenty of countries thriving well without oil or the British Empire.
373
04/02/2021 12:26:51 3 0
bbc
WTI March contract $54.97
Brent March contract $57.80
401
04/02/2021 12:34:52 6 1
bbc
It is currently about half the price per barrel than what the SNP needs for their 'break-even' calculations.

Like it or not the facts are that the demand for oil will continue to reduce over time - and even if it didn't over half of it has already been extracted and won't last the century out.

So Scotland just does not have the current economy to create the wealth it needs just to stand still.
476
04/02/2021 12:58:21 0 0
bbc
$60. Basically back to where it was before the pandemic
514
04/02/2021 13:30:43 3 0
bbc
But our fish will have gone up in price
517
04/02/2021 13:31:11 3 0
bbc
For Scottish Independence, Brent Crude was calculated to be $120 a barrel. It's less than $60 a barrel today.
But many will still vote for independence - you get to rejoin the EU, rebuild Hadrian's Wall as a proper border, use the Euro (you won't be able to use the £ because, as a condition of joining the EU, Scotland would have to take the Euro as currency).
I say Go For It!
525
You
04/02/2021 13:40:35 3 1
bbc
How much did Brexit cost? We don't want independence to make a financial profit, we want it so we run our own affairs. That's called democracy.
5
04/02/2021 10:46:58 6 5
bbc
Oil is not a good long term investment. The future is in renewable energy generation. Companies like Shell need to plan to move away from oil into renewables or in a few years' time they will no longer be viable, beached by a market that has changed.
43
04/02/2021 11:01:24 1 1
bbc
Oil is used in the manufacture of renewable products, steel, carbon fibre, cables, electronics. Almost everything we touch with our hands is a product of the industry there is no escaping that fact.
319
04/02/2021 12:12:30 0 0
bbc
Thanks for the tip - I'm sure they wouldn't have thought of that one without your help!
6
04/02/2021 10:47:40 2 11
bbc
This IS a greatest news ever !!!
12
04/02/2021 10:50:23 5 2
bbc
why?
24
04/02/2021 10:53:15 1 1
bbc
Not for for Scottish independence !!
2
Hex
04/02/2021 10:45:18 2 5
bbc
Oil has had its time, Shell need to diversify and that means renewable.
7
04/02/2021 10:48:03 2 3
bbc
do you not think they know that!! https://www.shellenergy.co.uk/business/renewables
8
04/02/2021 10:48:34 13 13
bbc
Shell and the other oil companies arent gonna lose anything, they have been fleecing us for years with their monopolies.
They rarely pass on drops in oil prices at the pumps and if they do its slowly or not in full.
They have already started to climb the prices yet again even during the current lockdown. Just as bad as the energy suppliers that were supposed to be investigated impartially
31
04/02/2021 10:56:45 8 3
bbc
It’s taxed to the hilt by governments. Think about it, you have to get it out of the ground , transport the crude to refineries, distribute it all for about 30p a litre . Try getting a bottle of water for 30p. Try getting a litre of water for £1.20 even.
62
04/02/2021 11:07:42 0 1
bbc
your right vince fuel prices in this country have been a disgrace and even as we speak the price of fuel is creeping back up even in this lockdown period these companies are a disgrace as they only want to keep there top shareholders happy they want to put the price down that would be a start
5
04/02/2021 10:46:58 6 5
bbc
Oil is not a good long term investment. The future is in renewable energy generation. Companies like Shell need to plan to move away from oil into renewables or in a few years' time they will no longer be viable, beached by a market that has changed.
10
04/02/2021 10:49:15 28 7
bbc
Don’t just single out Shell. All oil and gas production has been hit worldwide. Earlier last year they couldn’t even give US oil away. In fact they were paying customers to take it. Things will pick up when we get on top of this pandemic.
304
04/02/2021 12:09:58 10 2
bbc
Gas will still be the preferred fuel for domestic heating as long as it continues to be a lot cheaper than electricity.

The financial structure of energy needs changing to encourage consumers to switch.
11
Bob
04/02/2021 10:49:54 3 5
bbc
The price fell more than demand, so this is more about the pandemic causing a price fall as opposed demand falling, per se.
21
04/02/2021 10:52:06 3 3
bbc
quite we will soon be back driving to work.Holidays
Who wants to go on public transport at the moment
6
04/02/2021 10:47:40 2 11
bbc
This IS a greatest news ever !!!
12
04/02/2021 10:50:23 5 2
bbc
why?
54
04/02/2021 11:05:47 0 2
bbc
because today countries like China are talking about electrical cars
13
04/02/2021 10:50:45 102 25
bbc
We may burn less of it but oil will be an integral part of global economic activity for as long as people walk the earth.
92
Ray
04/02/2021 11:16:14 80 15
bbc
With the whole climate change issue and elimination of oil fuelled vehicles over the coming 10 years or so oil will be about as popular as coal is today - countries dependent on oil revenue are in for a big big change very soon.
96
04/02/2021 11:17:20 2 6
bbc
you think we have that much left....
120
04/02/2021 11:25:53 9 6
bbc
Lubrication and on-going small scale fuel requirements will be met by synthetic oils/fuels. F1 is likely to move to such a fuel soon.

With plastics being less and less popular, it should be a matter of time before a more sustainable material arrives.

So, whilst oil from the ground may have a future, it will be small, just like coal, powering heritage steam lines and some classic cars.
176
04/02/2021 11:40:21 13 1
bbc
Norway has some of the richest oil deposits in the world yet they have been saving for decades as they know full well fossil fuels are both a finite resource and not a long term solution with the move towards cleaner and renewable sources
210
04/02/2021 11:46:14 8 1
bbc
Yup, oil is distilled to make many, many products, not just plastics and anyway, a lot of plastics are going nowhere soon, from electric cables to drainpipes and a myriad of synthetic products.
214
04/02/2021 11:47:23 5 2
bbc
You're right, oil is used to make fertiliser for the farming industry... when the oil runs out we will all starve to death.
244
04/02/2021 11:52:36 3 3
bbc
All informed models show an increasing energy demand to 2050 and beyond and increasing demand for oil globally, even factoring in increased renewable supply.
249
04/02/2021 11:53:39 4 1
bbc
"We may burn less of it but oil will be an integral part of global economic activity for as long as people walk the earth."

===

As a raw material yes. As a fuel it will decline. It's chief advantage in a vehicle is high energy density (the energy stored for a given weight). Vehicle battery technology will continue to improve and you can use any energy source you like to make electricity.
521
04/02/2021 13:37:21 0 0
bbc
Its what most plastics are made from and still the cheapest lubricant around
14
CEP
04/02/2021 10:50:48 4 2
bbc
I wondered why there has been a significant increase in fuel prices since December ... I thought it was going to be blamed on BREXIT but now I see they need to get their profits back up!!
3
04/02/2021 10:45:26 4 7
bbc
High time to ditch fossil fuels for good.
15
04/02/2021 10:50:51 6 4
bbc
and use what?
394
04/02/2021 12:32:48 0 0
bbc
The Flintstones knew it all along: cars of stone and wood with holes in the floor to walk them along!
16
04/02/2021 10:50:52 9 6
bbc
They need to diversify as demand is only going to continue to fall. All the pandemic has done is to accelerate then trend
17
04/02/2021 10:51:49 2 3
bbc
Could use all the excess oil to make crude mayonnaise
79
04/02/2021 11:11:20 1 1
bbc
maybe salad cream as well god i love salad cream.
i wonder if the managing director of shell likes salad cream or mayonnaise
ohh i forgot they only like cavier dont they.
2
Hex
04/02/2021 10:45:18 2 5
bbc
Oil has had its time, Shell need to diversify and that means renewable.
18
Bob
04/02/2021 10:51:51 1 2
bbc
My God, you should head the company! Why didn't they think of this!

Oh wait, they already do have a plan and have invested billions, just like the other big oil companies have.

Regardless, pandemic aside, oil is still growing and not expected to peak for a good number of years yet.
19
04/02/2021 10:51:55 44 9
bbc
Good - in the end it will be market forces that drive green energy.
104
04/02/2021 11:22:31 16 17
bbc
You can't be sure of SHELL then?
431
Dan
04/02/2021 12:43:39 0 0
bbc
What utter tosh. Why on earth is that the case? Money is what drives market forces. Regulation is fundamental to price harm into cost. This purely a reaction to Covid-19.
474
04/02/2021 12:58:06 0 0
bbc
lets hope your pension is not invested in Shell

Oh no wait!
3
04/02/2021 10:45:26 4 7
bbc
High time to ditch fossil fuels for good.
20
04/02/2021 10:52:06 0 2
bbc
If only there were viable alternatives which, for now, there are not.
11
Bob
04/02/2021 10:49:54 3 5
bbc
The price fell more than demand, so this is more about the pandemic causing a price fall as opposed demand falling, per se.
21
04/02/2021 10:52:06 3 3
bbc
quite we will soon be back driving to work.Holidays
Who wants to go on public transport at the moment
22
Kev
04/02/2021 10:52:21 52 3
bbc
I don't think I'm going to start crying myself to sleep just yet :)
283
04/02/2021 12:04:44 18 5
bbc
But all of us live off the profits of business one way or another.

I can understand your reaction but we need to think about the knock on effects*.

*And yes we do need to think about the environment
292
04/02/2021 12:07:48 3 0
bbc
Unless of course your pension fund has been investing in stocks which fall dramatically.
23
04/02/2021 10:52:50 10 5
bbc
Watch these companies carefully. The ones diversifying into renewables are the ones to invest in. The ones that don't won't have a long term future.
6
04/02/2021 10:47:40 2 11
bbc
This IS a greatest news ever !!!
24
04/02/2021 10:53:15 1 1
bbc
Not for for Scottish independence !!
3
04/02/2021 10:45:26 4 7
bbc
High time to ditch fossil fuels for good.
25
04/02/2021 10:53:26 1 1
bbc
It will take a 15-20 year transition period to allow industry, shipping, aviation, car owners etc by which time the North Sea oil will be gone
26
04/02/2021 10:54:16 42 14
bbc
Based upon the level of transport on the roads in the UK during lockdown I don’t think the losses will go on for long. It seemed busier this morning than pre pandemic levels all supposedly for essential reasons.
50
04/02/2021 11:05:05 19 17
bbc
That'd be because the non-essential working Covid-cannon fodder are going to work.
489
04/02/2021 13:08:01 1 2
bbc
It’s because people are inherently selfish. They called it the cult of self. Theirs an obvious one letter typo in cult
27
04/02/2021 10:54:18 214 27
bbc
Not a good time to base your country's future independence plans on oil revenues.
65
04/02/2021 11:08:15 69 15
bbc
Agreed, but tunnel vision does seem to affect some people.
212
04/02/2021 11:46:38 8 1
bbc
They will be OK once they work out how to run cars on Whisky.
234
04/02/2021 11:51:26 10 7
bbc
And if they join the EU they will lose control of it because the unelected 'mafia' will be desperate to get their grubby little mits on it!
429
04/02/2021 12:43:13 0 3
bbc
Or coal mines
I am sure Scotland will thrive without oil little gammon, it will certainly thrive without the millstone of a tory led Johnson government attached to it who spaff 20 million to a guy to by them gloves Removed
504
ljs
04/02/2021 13:20:32 2 3
bbc
Scotland produces a LOT MORE than just oil.
622
04/02/2021 19:11:23 2 1
bbc
If the price was just a penny even that won't stop her or her party. Its the people of Scotland I feel sorry for.
28
04/02/2021 10:55:02 7 5
bbc
Every entity seems to imagine that the good times will last forever. Bet they wished they'd put more profit into reserves instead of dividends.
29
04/02/2021 10:55:14 15 16
bbc
Of course, the Greens think they know best.

Ever wondered how we became so safe, secure and relatively prosperous?
155
04/02/2021 11:35:45 3 2
bbc
"Ever wondered how we became so safe, secure and relatively prosperous?"

By making sure that the wars we fight over oil are kept in the middle east?

The 40,000 people who die prematurely in the UK each year from air pollution may disagree that fossil fuels keep us "safe"

Fossil fuels have enabled incredible advances (transport, manufacturing) but at costs that shoudn't be dismissed as trivial.
30
04/02/2021 10:55:24 11 5
bbc
Far too many eggs all in the one basket
286
04/02/2021 12:05:56 2 2
bbc
Evidence?
8
04/02/2021 10:48:34 13 13
bbc
Shell and the other oil companies arent gonna lose anything, they have been fleecing us for years with their monopolies.
They rarely pass on drops in oil prices at the pumps and if they do its slowly or not in full.
They have already started to climb the prices yet again even during the current lockdown. Just as bad as the energy suppliers that were supposed to be investigated impartially
31
04/02/2021 10:56:45 8 3
bbc
It’s taxed to the hilt by governments. Think about it, you have to get it out of the ground , transport the crude to refineries, distribute it all for about 30p a litre . Try getting a bottle of water for 30p. Try getting a litre of water for £1.20 even.
32
04/02/2021 10:57:06 11 3
bbc
For those who think the world's oil/gas use is going to fall steadily from now to 2050 think again. By then an extra 1 billion consumers will be on the planet (3 by 2100). To replace hydrocarbons with renewables by then will require the equivalent of building a nuclear power station or offshore windfarm PER DAY, Sure, hydrocarbons will take a smaller slice, but by then the cake is so much bigger.
495
04/02/2021 13:13:02 0 3
bbc
Then get ready for an extinction level event, it’s not brexit
33
04/02/2021 10:57:28 30 5
bbc
Who'd have thought that an oil company's profits would tumble after a prolonged period of massively reduced demand? Astonishing, isn't it?
34
04/02/2021 10:57:33 6 3
bbc
Not a surprise Shell filling stations always seem to be the most expensive and people have done much less driving in the last 12 months. You would think a cold winter would be good though with most homes still heated by gas.
313
04/02/2021 12:11:29 2 0
bbc
I think you'll find BP can 'outprice' them any day. Local Shell always used to price match local Sainsbury's whereas nearby BP up to 10p/litre more.
362
04/02/2021 12:24:26 0 0
bbc
But for some reason people still pay the prices.
35
04/02/2021 10:58:15 9 11
bbc
Switching to green renewables will take DECADES. Until then, oil is a necessary evil and virtually all pension funds rely on it. Shell making losses is not good for your wealth, or your health.
77
04/02/2021 11:10:01 8 6
bbc
Selfishly more worried about your ability to have lots of disposable income in your retirement than saving the planet for future generations. People like you are what's wrong with this country...
36
04/02/2021 10:58:26 9 6
bbc
So why is petrol even more expensive this week than last week, they are pushing up the price to maintain their profits.
89
04/02/2021 11:15:14 3 5
bbc
on the button sophie there just greedy fat pigs lining there own pockets
587
04/02/2021 15:16:46 0 0
bbc
Google 'weekly road fuel prices'. You'll find the daily costs at the pump collated.

They show a 7.8p reduction on this time in 2020 which adjusted for fuel duty etc mirrors the oil price change. The price is up 1p on last week.

So it's cheaper since covid. It just feels worse.
37
04/02/2021 10:59:02 67 9
bbc
The answer is to redeploy the amazing drilling technology of the oil industry to exploit the immense potential of deep geothermal heat. If we diverted the investment billions from nuclear and oil energy to geothermal , our problems would be solved.
258
04/02/2021 11:57:01 23 5
bbc
Very little geothermal potential in the UK (see bgs reports), but certainly the oil supply chain is essential to transitioning to deep carbon capture and storage, and reuse of abandoned offshore infrastructure. We need to ensure an orderly energy transition, not pulling the rug out from the North sea supply chain or we will lose that ccs capability.
462
04/02/2021 12:54:24 1 0
bbc
Geothermal is a relatively dirty industry.

It also often involves a process very similar to fracking in order to improve communication between wells
38
04/02/2021 10:59:42 17 18
bbc
Great news. The fossil fuel industry is killing this planet. The sooner we switch to new, cleaner technologies such as hydrogen, solar, etc, the better. And bioplastics can replace the need for oil in plastic-based products, before anyone here insists that "we'll always need oil". Multiple, peer-reviewed studies have shown that we can transition to 100% clean tech, affordably, by 2050.
74
04/02/2021 11:09:41 9 9
bbc
By "we" I presume you mean "the world". Cite me one of your studies then.
114
04/02/2021 11:25:01 4 1
bbc
Will 'everyone' stop beatifying hydrogen as a clean fuel. It requires energy to produce hydrogen and, at present, that source of energy is by no means all 'green'. The energy input is then released when hydrogen burns . With all the associated process losses we get back only part of the energy put in.
One method of making it is from methane which means we get the SAME CO2 sooner!
115
Lee
04/02/2021 11:25:29 1 2
bbc
Can't switch now as capacity/technology doesn't exist. who can produce bioplastics in vols needed? green energy doesn't appear overnight it needs 100's of billions of investment - who is developing technology? Small start ups don't have the resources. You might not like it, but it's companies like Shell, we need them and others to be profitable now so they can invest and drive the change.
247
04/02/2021 11:53:01 0 2
bbc
You can't kill a planet
310
04/02/2021 12:11:03 0 0
bbc
The equipment/processes used for producing cleaner tech products/services will still need to be lubricated. So you can expect some demand for oil for the foreseeable future
312
04/02/2021 12:11:17 0 0
bbc
Gas will still be the preferred fuel for domestic heating as long as it continues to be a lot cheaper than electricity.

The financial structure of energy needs changing to encourage consumers to switch.
501
04/02/2021 13:18:52 0 1
bbc
Look at these climate denier morons? What do YOU think is causing the catastrophic collapse of the ice shelves? You know what happens right, you know decreased salinity changes ocean currents and if the Gulf Stream moves, it’s ice age time baby.

For Africa, it’s death. Crop failure. Drought. Disease. Pestilence.

Amazing how brexit has allowed populist opinions to take hold.
39
04/02/2021 10:59:57 7 5
bbc
Maybe they should make their forecourt prices a tad more competitive, everywhere I see a shell station, it's always the most expensive in the area.
73
04/02/2021 11:09:32 1 1
bbc
75% of the cost is tax. We're hammered by the government on fuel - hypocritical as they rely on that tax yet are driving (no pun intended) all but the very rich off the roads. When, as it will, it becomes illegal to run anything on public roads other than an electric vehicle, the millions that can't afford them (or the limited mileage they offer), public transport costs will soar.
85
04/02/2021 11:12:33 0 1
bbc
A little myopic comment based on the article??
165
04/02/2021 11:37:35 1 2
bbc
But Shell are a quality product. If on the very rare occasion I'm caught out, and have to put a splash or supermarket fuel in - the car objects. A few pence a litre hear and there to look after mu engine seems like a good deal
40
04/02/2021 11:00:31 2 5
bbc
If there was less tax on fuel we would use it more. Less money for the Government coffers too.
41
04/02/2021 11:00:47 12 2
bbc
As the demand for oil wanes I fear for the future stability of the Middle East.. Shell and the likes will be fine switching to green alternatives.. What's going to happen to Saudi when nobody wants their oil
48
04/02/2021 11:05:01 5 2
bbc
Saudi is going to be a big beach
52
04/02/2021 11:05:11 0 2
bbc
The demand for oil wanes? The Earth's population will be around 11 billion by 2100. An increase of 3-4 billion from today. Renewables are currently only providing energy for less then half of the numbers we have TODAY. We cannot switch to renewables fast enough ALREADY to keep up with increasing demand.
53
04/02/2021 11:05:47 2 1
bbc
Who cares? They managed to live before they relied on oil production.
84
04/02/2021 11:12:29 0 1
bbc
Many years away.
124
04/02/2021 11:26:57 1 1
bbc
Saudi moving into tourism. May even be jobs for female taxi drivers.
147
04/02/2021 11:34:02 2 1
bbc
At least they have been investing some of the proceeds whereas we spent all of ours. Norway, Kuwait, Brunei etc all have National Wealth Funds having invested for such a future
42
04/02/2021 11:01:02 0 2
bbc
Pension funds are still addicted to dividends and infinite share price increases of oil companies, despite fossil fuels being a finite resource. The heads of the 3 largest asset management funds had $300bn invested in fossil fuel enterprises as of 2019 and despite their 'green PR', have no intention of selling up. A generation war is brewing as I will not invest my pension in oil or nuclear!
5
04/02/2021 10:46:58 6 5
bbc
Oil is not a good long term investment. The future is in renewable energy generation. Companies like Shell need to plan to move away from oil into renewables or in a few years' time they will no longer be viable, beached by a market that has changed.
43
04/02/2021 11:01:24 1 1
bbc
Oil is used in the manufacture of renewable products, steel, carbon fibre, cables, electronics. Almost everything we touch with our hands is a product of the industry there is no escaping that fact.
44
04/02/2021 11:02:27 98 10
bbc
If demand is falling why are petrol prices continuing to rise. £1.09 last year now £1.17 approx 8% increase. Bank rates0 .3 %
55
04/02/2021 11:05:59 80 11
bbc
We are being manipulated, again
63
04/02/2021 11:07:56 6 3
bbc
Because oil and gas are commodities, not banks. If you cut the supply of a non-replaceable commodity the price goes up.

Why is the price of silver going up at the moment? Because of increased demand by the Reddit investors. The supply can't keep up with it. That equation also works in reverse...
69
Lee
04/02/2021 11:09:14 7 1
bbc
because production cost isn't going down - duh
and actually with lower demand production costs go up
78
04/02/2021 11:10:07 5 1
bbc
Lower production rate equals higher production cost.
88
04/02/2021 11:14:40 7 2
bbc
Ask BJ as the majority is fuel tax
134
04/02/2021 11:30:57 3 1
bbc
You obviously didn't understand the graph on oil prices in the article above
137
04/02/2021 11:31:43 1 1
bbc
Perhaps a £16bn loss means they may be selling at a loss?
158
04/02/2021 11:36:27 3 2
bbc
Because the likes of Tesco have got in early and raised the prices ahead of a bigger slump in oil so they won’t lose as much as in the first lockdown,just my opinion
181
04/02/2021 11:41:48 6 1
bbc
We pay around 200% tax on fuel. The other element is the price of crude oil. As the graph shows, crude has more than doubled in price in about 12 months. As demand falls, people cut production to sustain an acceptable (to them) price, there's a lag as there are stocks in the supply chain.
192
04/02/2021 11:43:27 4 2
bbc
You are kidding - yes?

Look at the graph of prices, a 100% increase in the cost of crude from c $25/bbl to nearly $60/bbl!

So the correct answer to the question you couldn't see - why have pump prices gone up so little is the same one you always get - c75% of the price at the pump is taxes.
223
04/02/2021 11:48:55 0 2
bbc
Don’t buy it then....... get on your bike or shank’s pony.

Or shut up and calmly on as you are.
226
04/02/2021 11:49:29 2 1
bbc
Because oil market is rigged , they just cut production to force prices back up
284
04/02/2021 12:05:11 0 2
bbc
Ignorance personified
288
04/02/2021 12:06:27 0 1
bbc
Crude oil is converted for use in numerous lubrication and other products. Fuel is a relatively small percentage of the product range.
352
04/02/2021 12:22:26 0 0
bbc
Partly because your car doesn't run on crude oil
358
04/02/2021 12:23:10 0 0
bbc
Tax.
369
04/02/2021 12:26:19 0 0
bbc
Government tax. The cost of oil is only a fraction of the actual cost at the pump. Bearing in mind the oil companies find, drill and refine the oil, their take home per litre is tiny.
382
04/02/2021 12:28:51 0 0
bbc
Oil price fluctuations don't make a great difference to a product price that consists mainly of taxes and fixed costs. Retailers are selling less and attempting to retain profits by increasing the price. Bank rates don't really make much difference.
410
Pip
04/02/2021 12:37:37 0 0
bbc
Here in South Devon it's £1.21/lt, something seems a litte out of kilter here, methinks..........?
414
04/02/2021 12:39:29 0 0
bbc
what do you think funds repayments on government debt
477
04/02/2021 12:59:37 0 0
bbc
Because banks and hedge funds speculate on the price of oil in the futures market. World is awash with the stuff and every month investors are surprised by a lower drawdown in the middle of a pandemic - really ? ;-) They even hire oil tankers to store the stuff because there is nowhere to put it all (plus US shale funded by banks would cause problems if they weren't profitable)
482
04/02/2021 13:00:43 0 0
bbc
For profit? It’s all this government cares about. OPEC have been manipulating oil prices for years, it’s a government approved monopoly
523
04/02/2021 13:38:26 0 0
bbc
that will be towards the borrowing to pay for covid 19
552
04/02/2021 13:57:22 0 0
bbc
May be easy to get away with at present as our attention is rightlt elsewhere
584
04/02/2021 15:04:11 0 0
bbc
They need to make more profit from fewer sales.
606
04/02/2021 17:33:09 0 0
bbc
Will go up more soon when they put a few more p tax on it to pay for furlough and whatever else
639
IKB
04/02/2021 22:56:23 0 0
bbc
The cost at the pump is mostly tax!
645
05/02/2021 01:36:46 1 0
bbc
Frank
Due to this pandemic I am stuck in the Far East. I think people actually need to concentrate on how fuel prices are based. In Thailand at present they are paying 45 or 55 (UK) pence per litre for petrol and diesel. This fuel is imported from the vary same sources as the UK and the EU. However the use of BIOFUEL mix does help to reduce the price. The difference to UK is the LEVEL OF TAXCATION
45
04/02/2021 11:04:48 46 9
bbc
Shell needs to move away from fossil fuels into renewable energy anyway, so this should be seen as a kick up the backside to make the transition quicker.
534
04/02/2021 13:45:55 9 10
bbc
Seen the damage wind farms are causing to the environment, birds/bats etc? Careful what you wish for....
46
CT
04/02/2021 11:04:58 28 12
bbc
A reduction in fossil fuel use is a good news storey.
56
04/02/2021 11:06:41 59 21
bbc
Use of spellchecker would be an even better one!
59
04/02/2021 11:07:27 2 1
bbc
Yeah, real top story!
67
04/02/2021 11:08:30 0 2
bbc
But temporary.
68
04/02/2021 11:08:53 2 2
bbc
only if there is an alternative
I still want to drive and fly
216
04/02/2021 11:47:55 0 5
bbc
"storey"?
484
04/02/2021 13:01:02 0 0
bbc
Amazing the number of people on various HYS that can’t spell. Good news story not storey. The latter describes the number of levels in a building.
47
04/02/2021 11:04:59 3 15
bbc
Covid has consequences - doing both brexit and covid will destroy the UK economy (JOHNSON HAS TO GO!)

But oil in a global industry and covid will kill the global economy so unless global vaccination really gets going all industry (and jobs) is doomed as well as any hope of a green recovery.

Prepare for your pension to collapse into bankrupcy (even those being paid.)
64
04/02/2021 11:08:11 7 3
bbc
Wow, I bet you are a zillion laughs at a party!
123
04/02/2021 11:26:48 0 1
bbc
One of the reasons I took early retirement was that the law massively favours people receiving their pension over those still paying in. If my pension stops paying out I'll probably be to busy fighting the zombie hordes to notice.
128
04/02/2021 11:28:46 0 1
bbc
And which country is leading the attempt to get the Western world out of this problem? Answers on a postcard to Brussels please.
41
04/02/2021 11:00:47 12 2
bbc
As the demand for oil wanes I fear for the future stability of the Middle East.. Shell and the likes will be fine switching to green alternatives.. What's going to happen to Saudi when nobody wants their oil
48
04/02/2021 11:05:01 5 2
bbc
Saudi is going to be a big beach
76
04/02/2021 11:10:01 0 1
bbc
dont think so, evryone is just waiting for the brakes to come off
Then we are all driving and flying again
4
04/02/2021 10:45:40 290 65
bbc
So how much does a barrel of oil now cost?

A lot less than Nicola's "minimum price for independence", I'll wager
49
04/02/2021 11:05:01 92 32
bbc
So many down votes- truth hurts.
154
04/02/2021 11:35:41 12 6
bbc
Since when was 11 (at time of this reply) considered “so many”?
213
04/02/2021 11:47:03 17 12
bbc
The economics of Scottish Independence doesn't stack up. Also, why couldn't Scots living out with Scotland vote in the Independence Referendum, as it affects them.

But really, when you look at Scottish history, the same people fought with the King at Culloden, for money and wealth, are shouting for Independence, for the same reasons. Does Scotland want the Euro? English money helped for Covid.
465
04/02/2021 12:55:12 4 8
bbc
Somewhat amusing watching Gammons object to Scottish independence on economic grounds when they spent the last 4 years tanking the UK economy as a whole.

So the whole little englander argument is Scotland can't survive on its own, but whenw e pointed out the UK was better of economically in the EU you liars said we can survive!

Tell that to the Scottish shell fish industry!
26
04/02/2021 10:54:16 42 14
bbc
Based upon the level of transport on the roads in the UK during lockdown I don’t think the losses will go on for long. It seemed busier this morning than pre pandemic levels all supposedly for essential reasons.
50
04/02/2021 11:05:05 19 17
bbc
That'd be because the non-essential working Covid-cannon fodder are going to work.
281
04/02/2021 12:04:01 1 4
bbc
Not just to work. My local park has been absolutely rammed with visitors every weekend. Many, many more than pre-Covid. Pedestrians only because the car parks were FULL. So were the surrounding streets and car parks of pubs. Scant attention to social distancing. Covid cannon-fodder is right.
289
04/02/2021 12:06:38 7 3
bbc
That's because people need money. Snob.
51
04/02/2021 11:05:07 170 24
bbc
But the SNP said the price of oil was only going one way, into the hundreds of dollars a barrel.

In fact, they based their economic justification for independence on that very "fact".
87
04/02/2021 11:13:30 27 107
bbc
They were right it will go up as its a scarce resource. The reason for the drop is low demand in China due to the pandemic
95
04/02/2021 11:17:09 22 1
bbc
Wait till they end up with the de-commissioning costs of the myriad of redundant oil fields now and in the near future!
450
04/02/2021 12:50:42 0 0
bbc
Do we have anyone left who is pragmatic in the country; the point regards the price of oil and how this affects the SG arguments on viability of and indi Scotland is perfectly relevant, the use of hyperbole (hundreds of dollars) simply stifles discussion and does nothing to convince indy supporters.

If we really don't wish an indi Scotland we need a pragmatic discussion.
611
04/02/2021 17:45:38 0 0
bbc
Is the future electric and non-fossil fuels!!
616
04/02/2021 18:09:53 1 0
bbc
SNP needs to look at what happens to countries that base economics on $100+ Oil prices. Venezuela for example
41
04/02/2021 11:00:47 12 2
bbc
As the demand for oil wanes I fear for the future stability of the Middle East.. Shell and the likes will be fine switching to green alternatives.. What's going to happen to Saudi when nobody wants their oil
52
04/02/2021 11:05:11 0 2
bbc
The demand for oil wanes? The Earth's population will be around 11 billion by 2100. An increase of 3-4 billion from today. Renewables are currently only providing energy for less then half of the numbers we have TODAY. We cannot switch to renewables fast enough ALREADY to keep up with increasing demand.
41
04/02/2021 11:00:47 12 2
bbc
As the demand for oil wanes I fear for the future stability of the Middle East.. Shell and the likes will be fine switching to green alternatives.. What's going to happen to Saudi when nobody wants their oil
53
04/02/2021 11:05:47 2 1
bbc
Who cares? They managed to live before they relied on oil production.
12
04/02/2021 10:50:23 5 2
bbc
why?
54
04/02/2021 11:05:47 0 2
bbc
because today countries like China are talking about electrical cars
220
Lee
04/02/2021 11:48:25 0 2
bbc
I can talk about spaceships and time travel doesnt mean it will happen.
44
04/02/2021 11:02:27 98 10
bbc
If demand is falling why are petrol prices continuing to rise. £1.09 last year now £1.17 approx 8% increase. Bank rates0 .3 %
55
04/02/2021 11:05:59 80 11
bbc
We are being manipulated, again
46
CT
04/02/2021 11:04:58 28 12
bbc
A reduction in fossil fuel use is a good news storey.
56
04/02/2021 11:06:41 59 21
bbc
Use of spellchecker would be an even better one!
179
04/02/2021 11:41:03 8 1
bbc
Sorry to appear pedantic, but "storey" is a genuine word and is spelled correctly, it's just the wrong word in this context, so even using a spellchecker wouldn't have helped (for example "Eye ewes a spell chequer" gets through a spellchecker unscathed).
491
04/02/2021 13:08:59 0 1
bbc
Always one, feel big now?
655
05/02/2021 08:39:09 0 0
bbc
How rude and ignorant a comment maybe you should use a humility checker.
57
04/02/2021 11:07:11 1 2
bbc
Bad news for pension funds. Maybe a good time to buy more shares.
83
04/02/2021 11:12:15 1 1
bbc
Share price dropped last year, this was factored in already
58
04/02/2021 11:07:14 2 3
bbc
Prices on an upward trajectory, got to keep those returns for the hangers on and parasites.
107
04/02/2021 11:22:53 1 1
bbc
Let's hope that you don't have a pension fund then.
46
CT
04/02/2021 11:04:58 28 12
bbc
A reduction in fossil fuel use is a good news storey.
59
04/02/2021 11:07:27 2 1
bbc
Yeah, real top story!
60
Ian
04/02/2021 11:07:37 9 13
bbc
What we've learned from the pandemic ?? is that we don't need to travel to everything, to every meeting etc.

?? ?--------? ???????? Remote working is now a proven option for some activities

?? Let's save the planet ?? Let's consume less fossil fuels ??
80
04/02/2021 11:11:38 5 1
bbc
Plastics still need oil, factory workers can't work remotely nor can construction
119
04/02/2021 11:24:23 0 1
bbc
Remote working for paper shufflers, very little real work can be done on line.
145
Lee
04/02/2021 11:33:50 1 1
bbc
I assume your household doesn't run on electricity? and your energy consumption at home hasn't gone up as it has for the majority of people. Switching to a different form of energy consumption is not 'green'.
The use of cloud streaming, Facebook, Netflix etc are massively damaging to the environment
151
04/02/2021 11:34:37 0 2
bbc
My guess is that loads of peoples productivity has nose dived due to remote working. But it's just too un PC to say that kind of thing.
308
04/02/2021 12:10:46 0 0
bbc
Yep: remote operationg a facility in Arizona right now. In the old days, it would have been car / plane / a lot more car. And a lot of time. At the end of this shift, I just need to walk over to the sofa for a quick nap... and have some of the day left.
61
04/02/2021 11:07:38 0 7
bbc
Can’t see how an oil company which is historically one of the most valuable and well used commodities can possibly find another source of revenue that comes close

Go green - big fan and money in it but these companies will have to get used to signicantly lower returns

It’s like a supermarket having to stop selling food!
8
04/02/2021 10:48:34 13 13
bbc
Shell and the other oil companies arent gonna lose anything, they have been fleecing us for years with their monopolies.
They rarely pass on drops in oil prices at the pumps and if they do its slowly or not in full.
They have already started to climb the prices yet again even during the current lockdown. Just as bad as the energy suppliers that were supposed to be investigated impartially
62
04/02/2021 11:07:42 0 1
bbc
your right vince fuel prices in this country have been a disgrace and even as we speak the price of fuel is creeping back up even in this lockdown period these companies are a disgrace as they only want to keep there top shareholders happy they want to put the price down that would be a start
44
04/02/2021 11:02:27 98 10
bbc
If demand is falling why are petrol prices continuing to rise. £1.09 last year now £1.17 approx 8% increase. Bank rates0 .3 %
63
04/02/2021 11:07:56 6 3
bbc
Because oil and gas are commodities, not banks. If you cut the supply of a non-replaceable commodity the price goes up.

Why is the price of silver going up at the moment? Because of increased demand by the Reddit investors. The supply can't keep up with it. That equation also works in reverse...
200
04/02/2021 11:44:56 1 1
bbc
The oil producing nations limit the amount of oil produced. If the Saudi's wanted they could ramp production up and the price of oil would plummet.
47
04/02/2021 11:04:59 3 15
bbc
Covid has consequences - doing both brexit and covid will destroy the UK economy (JOHNSON HAS TO GO!)

But oil in a global industry and covid will kill the global economy so unless global vaccination really gets going all industry (and jobs) is doomed as well as any hope of a green recovery.

Prepare for your pension to collapse into bankrupcy (even those being paid.)
64
04/02/2021 11:08:11 7 3
bbc
Wow, I bet you are a zillion laughs at a party!
81
04/02/2021 11:11:42 2 1
bbc
I bet, one that everyone avoids for talking nonsense
27
04/02/2021 10:54:18 214 27
bbc
Not a good time to base your country's future independence plans on oil revenues.
65
04/02/2021 11:08:15 69 15
bbc
Agreed, but tunnel vision does seem to affect some people.
275
04/02/2021 12:02:29 5 9
bbc
But none as much as Brexiteers.
66
04/02/2021 11:08:20 5 7
bbc
Bloody Brexit!
46
CT
04/02/2021 11:04:58 28 12
bbc
A reduction in fossil fuel use is a good news storey.
67
04/02/2021 11:08:30 0 2
bbc
But temporary.
46
CT
04/02/2021 11:04:58 28 12
bbc
A reduction in fossil fuel use is a good news storey.
68
04/02/2021 11:08:53 2 2
bbc
only if there is an alternative
I still want to drive and fly
44
04/02/2021 11:02:27 98 10
bbc
If demand is falling why are petrol prices continuing to rise. £1.09 last year now £1.17 approx 8% increase. Bank rates0 .3 %
69
Lee
04/02/2021 11:09:14 7 1
bbc
because production cost isn't going down - duh
and actually with lower demand production costs go up
Oil companies are bit like HMV or Blockbusters. Do not see that a massive shift is coming. Invest in a change and predict future by.... inventing it.
Learn from Amazon. From a bookstore to the conquest of.... space.
71
04/02/2021 11:09:25 1 3
bbc
Is it a loss. Who trusts a major corporation
72
04/02/2021 11:09:28 7 7
bbc
Let's face it oil is over, I've put 70 Litres in my diesel car since March 2019...
An electric car seems a good idea to me
91
04/02/2021 11:15:30 2 2
bbc
You are absolutely spot on with this comment but Nicola Sturgeon and her loyal SNP cronies will disagree.

If Scotland had voted for independence based on their oil predictions/lies prior to the 2014 referendum we would now be bankrupt.
97
04/02/2021 11:17:24 1 1
bbc
Youve put 70 litres in your car because we are in a pandemic and travel is restricted.
112
04/02/2021 11:22:31 1 1
bbc
You are so wrong, oil is used in the production of millions of items.
39
04/02/2021 10:59:57 7 5
bbc
Maybe they should make their forecourt prices a tad more competitive, everywhere I see a shell station, it's always the most expensive in the area.
73
04/02/2021 11:09:32 1 1
bbc
75% of the cost is tax. We're hammered by the government on fuel - hypocritical as they rely on that tax yet are driving (no pun intended) all but the very rich off the roads. When, as it will, it becomes illegal to run anything on public roads other than an electric vehicle, the millions that can't afford them (or the limited mileage they offer), public transport costs will soar.
38
04/02/2021 10:59:42 17 18
bbc
Great news. The fossil fuel industry is killing this planet. The sooner we switch to new, cleaner technologies such as hydrogen, solar, etc, the better. And bioplastics can replace the need for oil in plastic-based products, before anyone here insists that "we'll always need oil". Multiple, peer-reviewed studies have shown that we can transition to 100% clean tech, affordably, by 2050.
74
04/02/2021 11:09:41 9 9
bbc
By "we" I presume you mean "the world". Cite me one of your studies then.
108
04/02/2021 11:23:05 1 1
bbc
This is a comments section on a news website, why would you expect anyone to cite things for you. Entitlement overload.

Basic stakeholder management, the amount of time and effort you put in is proportional to the relevance of the person you are talking to. Those who might be interested know how to google, those who aren't probably aren't that influential
75
04/02/2021 11:09:55 56 24
bbc
Oil isn't going away anyway soon, it's both a fuel source and a primary source of starting material for a huge swathe of the chemical industry. Take down the victory bunting eco nuts.
427
04/02/2021 12:42:35 17 7
bbc
Indeed... without crude oil there is no plastic or other hydrocarbon-based products. Unless we want to switch back to the 1930s lifestyle (and there are eco arguments for that!) it’s here to stay.

Not sure the medical profession would welcome glass bottles and rubber hoses back though.
444
Dan
04/02/2021 12:47:34 1 0
bbc
I agree. I don't think this is an 'eco nut' viewpoint, it's more 'armchair economist'.
What a tool. Still denying climate change to be edgy? Removed
48
04/02/2021 11:05:01 5 2
bbc
Saudi is going to be a big beach
76
04/02/2021 11:10:01 0 1
bbc
dont think so, evryone is just waiting for the brakes to come off
Then we are all driving and flying again
35
04/02/2021 10:58:15 9 11
bbc
Switching to green renewables will take DECADES. Until then, oil is a necessary evil and virtually all pension funds rely on it. Shell making losses is not good for your wealth, or your health.
77
04/02/2021 11:10:01 8 6
bbc
Selfishly more worried about your ability to have lots of disposable income in your retirement than saving the planet for future generations. People like you are what's wrong with this country...
153
04/02/2021 11:35:32 1 1
bbc
I presume you are 'off-grid', living sustainably then, and have borrowed someone's internet and device? Otherwise, such empty virtue-signalling is no better either.
159
04/02/2021 11:35:10 0 1
bbc
Exactly this!
383
04/02/2021 12:29:35 1 0
bbc
OK, let all pensioners depend on the state (your taxes) for their living then!
426
04/02/2021 12:42:19 1 0
bbc
I nearly rose to your bait, but I’m far too busy eating fois gras and drinking claret paid for by my oil dividends.
44
04/02/2021 11:02:27 98 10
bbc
If demand is falling why are petrol prices continuing to rise. £1.09 last year now £1.17 approx 8% increase. Bank rates0 .3 %
78
04/02/2021 11:10:07 5 1
bbc
Lower production rate equals higher production cost.
17
04/02/2021 10:51:49 2 3
bbc
Could use all the excess oil to make crude mayonnaise
79
04/02/2021 11:11:20 1 1
bbc
maybe salad cream as well god i love salad cream.
i wonder if the managing director of shell likes salad cream or mayonnaise
ohh i forgot they only like cavier dont they.
60
Ian
04/02/2021 11:07:37 9 13
bbc
What we've learned from the pandemic ?? is that we don't need to travel to everything, to every meeting etc.

?? ?--------? ???????? Remote working is now a proven option for some activities

?? Let's save the planet ?? Let's consume less fossil fuels ??
80
04/02/2021 11:11:38 5 1
bbc
Plastics still need oil, factory workers can't work remotely nor can construction
94
Ian
04/02/2021 11:16:28 2 1
bbc
I said "some activities"
64
04/02/2021 11:08:11 7 3
bbc
Wow, I bet you are a zillion laughs at a party!
81
04/02/2021 11:11:42 2 1
bbc
I bet, one that everyone avoids for talking nonsense
82
04/02/2021 11:11:43 66 14
bbc
Royal Dutch Shell sees huge loss as pandemic hits oil demand...no surprise but there will always be a demand for oil. Shell are a hugely diversified business and will weather the pandemic. I am sure one trick Indy2 pony Nicola Sturgeon won't be happy as she has bet the farm on oil revenues.
101
04/02/2021 11:19:26 13 28
bbc
Shell is hugely diversified into what and what proprtions of value, revenue, and profits.
LOL ROFL LOL
Thats right Gammon, and you in England lived well of the proceeds, whats amatter? Scared to be on your own in a big world!

I thought thats what you gammons argued for!
Removed
57
04/02/2021 11:07:11 1 2
bbc
Bad news for pension funds. Maybe a good time to buy more shares.
83
04/02/2021 11:12:15 1 1
bbc
Share price dropped last year, this was factored in already
272
04/02/2021 12:00:28 0 1
bbc
never sell Shell
41
04/02/2021 11:00:47 12 2
bbc
As the demand for oil wanes I fear for the future stability of the Middle East.. Shell and the likes will be fine switching to green alternatives.. What's going to happen to Saudi when nobody wants their oil
84
04/02/2021 11:12:29 0 1
bbc
Many years away.
39
04/02/2021 10:59:57 7 5
bbc
Maybe they should make their forecourt prices a tad more competitive, everywhere I see a shell station, it's always the most expensive in the area.
85
04/02/2021 11:12:33 0 1
bbc
A little myopic comment based on the article??
102
04/02/2021 11:21:36 0 1
bbc
Not really no, you only have to look at their stations, then look at Tesco, Sainsbury, Morrisons ususlly less than 30 seconds down the road, to see where all the customers are going.
86
04/02/2021 11:13:01 0 6
bbc
Don't worry, pension fund managers will have moved their billions into other sure bets. Bitcoin, perhaps.
233
04/02/2021 11:51:01 1 1
bbc
Most pension fund managers have a rather better idea of what they are doing than you do, fortunately!
51
04/02/2021 11:05:07 170 24
bbc
But the SNP said the price of oil was only going one way, into the hundreds of dollars a barrel.

In fact, they based their economic justification for independence on that very "fact".
87
04/02/2021 11:13:30 27 107
bbc
They were right it will go up as its a scarce resource. The reason for the drop is low demand in China due to the pandemic
122
04/02/2021 11:26:09 21 1
bbc
It is so scarce that producers have to agree production schedules to avoid a price slump when excess is dumped on the market and not just during the Covid crisis
131
04/02/2021 11:30:09 11 2
bbc
That argument hasn't really worked for coal has it? If it had, we would have a lot of re-opened mines making a fortune. The Middle East, with far more reserves than the North Sea will keep prices low as long as they can, as they are far more dependent on it.

Rich European classic car owners will go electric, or more likely synthetic fuels.
170
04/02/2021 11:39:14 12 3
bbc
It's likely to go down further with the move towards more sustainable energy sources and combustion engines
182
04/02/2021 11:41:49 19 3
bbc
No, most of the world is moving away from fossil fuels. We are looking at the end game for oil.
186
04/02/2021 11:42:16 19 1
bbc
Oil isn't a scarce resource, there is a glut and has been for years.
194
04/02/2021 11:43:38 10 2
bbc
It's a resource most countries are looking to replace. Where do you get the idea that it's a scarce resource? NS propaganda there's enough oil to last a couple of generations. The price is based on US oil reserves if they go up the price comes down
225
04/02/2021 11:49:06 19 1
bbc
The Scottish Government has just published its international trade policy in which it withdraws support for the oil sector.
It's very worst and largely irrelevant, but difficult to see how the SNP economic model can be reconciled with such a large threat to Scottish oil jobs here in the NE.
232
04/02/2021 11:50:24 1 4
bbc
Scarce like diamonds?
353
04/02/2021 12:22:39 10 1
bbc
They were very wrong. Its not a scarce resource and demand will go down long term.
386
04/02/2021 12:30:34 5 0
bbc
They were wrong. Completely wrong. Oil hasn't been over $100/barrel since 2014 and very unlikely it'll ever reach those figures again.
417
04/02/2021 12:39:50 1 0
bbc
Not a scarce resource at the moment, but it’s a finite one in its natural guise. It’s both prudent & sensible to move away from oil as much as we can for various reasons.
498
04/02/2021 12:56:12 1 0
bbc
The price might go up in time, but volume required will go down, so no gain for the sturgeon there!
506
04/02/2021 13:22:14 1 0
bbc
Oil is dead, only matter of time before demand globally collapses - when not if
555
04/02/2021 13:59:21 0 0
bbc
Its low demand all over the world
595
04/02/2021 16:16:32 1 0
bbc
Not really. There is currently lower demand, but the bigger issue is the recent abundance of shale oil and gas in the US which is cheap to extract and has made the US self-sufficient. North Sea oil is also very expensive to extract compared to most other locations, so whilst the price stays low due to both demand and supply issues, the North Sea becomes ever less viable
44
04/02/2021 11:02:27 98 10
bbc
If demand is falling why are petrol prices continuing to rise. £1.09 last year now £1.17 approx 8% increase. Bank rates0 .3 %
88
04/02/2021 11:14:40 7 2
bbc
Ask BJ as the majority is fuel tax
224
04/02/2021 11:49:05 0 1
bbc
No, it's somehow Labour's fault.
36
04/02/2021 10:58:26 9 6
bbc
So why is petrol even more expensive this week than last week, they are pushing up the price to maintain their profits.
89
04/02/2021 11:15:14 3 5
bbc
on the button sophie there just greedy fat pigs lining there own pockets
90
04/02/2021 11:15:14 1 7
bbc
The shift from fossil fuels to renewables has been on the agenda for the last five years if not longer and only now are the large oil companies starting to invest in these. Look at the most valued car company because dinosaurs were too slow to face reality.
103
04/02/2021 11:21:45 2 2
bbc
I wouldn't use Tesla as an example, it's mostly hype. Other car companies produce electric cars that are cheaper and perhaps more reliable.
229
04/02/2021 11:50:01 0 1
bbc
Look at the price of Gamestop shares, or the price of silver, and tell me what connection company values have to do with reality...

And my next car will probably be an EV.
72
04/02/2021 11:09:28 7 7
bbc
Let's face it oil is over, I've put 70 Litres in my diesel car since March 2019...
An electric car seems a good idea to me
91
04/02/2021 11:15:30 2 2
bbc
You are absolutely spot on with this comment but Nicola Sturgeon and her loyal SNP cronies will disagree.

If Scotland had voted for independence based on their oil predictions/lies prior to the 2014 referendum we would now be bankrupt.
380
04/02/2021 12:28:33 0 0
bbc
Maybe they'll change the strategy to a dependency on shellfish? At least they could live on it in their new nirvana!
13
04/02/2021 10:50:45 102 25
bbc
We may burn less of it but oil will be an integral part of global economic activity for as long as people walk the earth.
92
Ray
04/02/2021 11:16:14 80 15
bbc
With the whole climate change issue and elimination of oil fuelled vehicles over the coming 10 years or so oil will be about as popular as coal is today - countries dependent on oil revenue are in for a big big change very soon.
156
04/02/2021 11:36:04 11 5
bbc
Do you believe that 'electric only' vehicles will form the major part of the transport system within the next 10years? Lorries are a major user of diesel and, with the current inefficient alternative, this will not change.
E vehicles are fine for short range, small load use. Even if the plan isn't modified before 2030, existing cars will be for kept their convenience and the cost of replacement.
167
04/02/2021 11:37:32 12 6
bbc
The plan to replace all oil fueled vehicles is pie in the sky. The charging infrastructure is woefully inadequate, the grid couldn't cope with demand, and the raw materials needed to make the batteries could not be mined in anything like sufficient quantities. Hydrogen cells may be the answer though, much cleaner, and much less damaging to the environment.
196
04/02/2021 11:44:22 3 4
bbc
I remember people saying stuff like this in the 70s.
267
04/02/2021 11:59:12 4 1
bbc
Petrol/diesel vehicles are not being eliminated as hybrids can still be manufactured from 2030.
Demand for all electric is more govt. push than consumer pull too for several reasons, not least that used electric cars have very low residual value. Could change quickly if govt. make fossil fuels unaffordable of course, so oil companies need to become energy companies if they are to survive.
274
04/02/2021 12:02:11 4 1
bbc
Coal is very popular in countries that rely on cheap energy for an extra competitive edge, like India, Australia and Poland.
280
04/02/2021 12:03:39 5 2
bbc
Far more uses for oil than burning it - plastics just for a start. Even electric cars will need lubricating oil.
326
04/02/2021 12:16:00 4 0
bbc
Yes and no... oil, apart from its use as a fuel, is also the basis for a large chunk of the chemical industry (petrochemicals - the clue is in the name), and also for plastics and other essential materials. But of course its use as a fuel outstrips that demand, so I'd have to agree.
343
04/02/2021 12:20:55 0 0
bbc
But everyone forgets that a major part of our pharmaceutical and detergents, fertilisers originate from oil. Fossil fuels are critical for the modern world and changing to renewals for energy is only one solution to be more sustainable.
Fissile fuels will still be required in a renewable future world.
618
04/02/2021 18:28:17 0 0
bbc
this was also said 15 years ago
93
04/02/2021 11:16:26 4 4
bbc
0.87% That's the proportion of the UK's population to the world's population.

Imagine EVERYTHING in the UK goes green tomorrow. Think it'll make any difference to world oil demand?

Add to that the world's population will increase by 3 billion (that's between a third and a half of what it is now) by 2100. 3 billion MORE energy consumers.
109
04/02/2021 11:23:19 4 1
bbc
There are 10,000 people in my home town. I suppose it's ok if I throw my rubbish to the street; what difference is it going to make?

Oh, and if we are 0.87% of the world population and emit 1.5% of greenhouses gases then I suppose we do need to do something....
111
04/02/2021 11:21:20 0 1
bbc
Then perhaps Brexit-UK can become a world leader in workd beating eco-energy.

LOL ROFL LOL
121
04/02/2021 11:26:08 1 1
bbc
Not too sure what the UK's population has to do with it. It's the whole world that is going green, not just the UK. 10 years ago Solar+Wind in the UK was minimal and now it's 30%. In South Australia the whole state can now be powered by rooftop solar.

Oil will still be around for a long time, but green energy is now the cheapest option and will be dominant in 10 years time.
80
04/02/2021 11:11:38 5 1
bbc
Plastics still need oil, factory workers can't work remotely nor can construction
94
Ian
04/02/2021 11:16:28 2 1
bbc
I said "some activities"
51
04/02/2021 11:05:07 170 24
bbc
But the SNP said the price of oil was only going one way, into the hundreds of dollars a barrel.

In fact, they based their economic justification for independence on that very "fact".
95
04/02/2021 11:17:09 22 1
bbc
Wait till they end up with the de-commissioning costs of the myriad of redundant oil fields now and in the near future!
513
04/02/2021 13:29:55 0 1
bbc
Nah, that will be the English' problem.
13
04/02/2021 10:50:45 102 25
bbc
We may burn less of it but oil will be an integral part of global economic activity for as long as people walk the earth.
96
04/02/2021 11:17:20 2 6
bbc
you think we have that much left....
72
04/02/2021 11:09:28 7 7
bbc
Let's face it oil is over, I've put 70 Litres in my diesel car since March 2019...
An electric car seems a good idea to me
97
04/02/2021 11:17:24 1 1
bbc
Youve put 70 litres in your car because we are in a pandemic and travel is restricted.
98
04/02/2021 11:18:11 3 2
bbc
Beginning to wish I didn't do the " responsible thing" now 30 years ago by starting a pension....It will probably buy a sausage roll in Greggs right about now...hey ho at least Ive got my Sunday walk the park to look forward to
99
04/02/2021 11:18:51 27 3
bbc
The oil industry is going the way of the tobacco industry. Tobacco consumption has been falling for years but the industry is still profitable and pays big dividends. Both will be with us for decades to come, declining slowly.
113
04/02/2021 11:22:34 21 3
bbc
Falling in UK but isn't it increasing in China and India
118
04/02/2021 11:24:00 0 1
bbc
I agree
100
04/02/2021 11:20:05 2 2
bbc
Boohoo. My heart bleeds.
117
04/02/2021 11:23:41 0 3
bbc
As India and China hearts bleed fir increased energy bills in Brexit-UK ?
LOL ROFL LOL