Quote Originally Posted by ramAnag View Post
I’m surprised because, apparently naively, I imagined that the cost of oil related products had risen exponentially which is why we are paying more for petrol, diesel and heating oil etc. I hadn’t, again apparently naively, factored in that the oil and petrol companies are profiting to such an extent from the crisis. Silly of me!
Indeed, that it happens is logical. BP pump up the oil. It gets sold on the open market at the market price of the day. Costs BP the same to pump a gallon out of the ground. Brent crude averaged around 66.60 USD in January 2026, today it's 111 USD. Accident of circumstance has seen the price per unit of Brent crude increase by 2/3 (66%). I'd be surprised of BPs, and all the other oil producers' profits, hadn't greatly increased.

The market works for those few trading on the market. The rest of us pay the price. I think such accidental profit hikes should attract high levels of tax. Conversely, if a different accident caused lower profits then that year's tax should be adjusted downwards. A bit like Inshared Insurance profits, according to their ads... we all benefit.