Oil prices drop to 4 year low

[fullyautomatix]

The pump prices are probably hitting a new high. Not seem much price movement there. The old chestnut about prices at pump determined by prices at time of some put option or something.

On another note, if Labour was in power, we would have seen about 50P hike in fuel duty by now.

[scooterscot]

How much of the fuel is a tax take? I forget, but let's charge VAT on that anyway.

[tomtomagain]

How much of the fuel is a tax take? I forget, but let's charge VAT on that anyway.

About 75% of the pump price is tax.

[The Spartan]

About 75% of the pump price is tax.

A shocking amount indeed.

[Paddy]

The pump prices are probably hitting a new high. Not seem much price movement there. The old chestnut about prices at pump determined by prices at time of some put option or something.

On another note, if Labour was in power, we would have seen about 50P hike in fuel duty by now.

It's probably due to ISIS flogging of stolen oil for 35$ a barrel.

[VectraMan]

About 75% of the pump price is tax.

Which means 300% tax. Imagine if income was taxed at 300%.

[scooterscot]

A shocking amount indeed.

Indeed, especially when you can go to a non-oil producing place like Tenerife and actually pay a lot less for fuel.

75% tax on a commodity that's necessary for which the majority shall use to take them to their place of work and back. There's something rather cynical about that I just can't quite put my finger on.

Remember the next time during that commute to the office, 75% of the cost of that journey was earnings for the tax man.

[tomtomagain]

Indeed, especially when you can go to a non-oil producing place like Tenerife and actually pay a lot less for fuel.

75% tax on a commodity that's necessary for which the majority shall use to take them to their place of work and back. There's something rather cynical about that I just can't quite put my finger on.

Remember the next time during that commute to the office, 75% of the cost of that journey was earnings for the tax man.

But that's not all they take ... obviously they tax the producers at source. The 75% rate is just for the consumers.

But the UK is not alone. Most European countries tax around that rate.

[tomtomagain]

Which means 300% tax. Imagine if income was taxed at 300%.

I'm imagining not going to work.

Still if it was 300% I'd expect we'd have some decent trains.

[Zero Liability]

Quick, ramp up the QE!