Companies supplying fuel are jumping on the news of war in Ukraine and the current oil price increase to justify eye-watering price increases passed on to consumers. Despite BP profits in excess of £80 BILLION pounds last year, petrol at the pumps is forecast to hit £8.50 a gallon soon. ($11.20)
Although British Gas profits and share prices have never been higher, they are imposing increases in excess of 50% immediately, with the prospect of another 20% to follow at the end of April. Electricity companies have followed suit, with some predicting rises of 100% on current monthly payments.
We use heating oil in Beetley to run our central heating and hot water system. In December, 500 litres cost around £310. Today’s quote is £621, rising daily.
Salaries and pensions are not increasing much at all. In most cases, there are no increases whatsoever.
The Futures Market is making people obscenely rich overnight, as they rush to cash in on what everyone accepts is a real crisis in Ukraine. But are we just being bamboozled by the huge corporations and multinationals? I for one think we are. Both Britain and the USA are significant producers of oil. Both countries invested heavily in oil production, and both have claimed in the past to be self-sufficient in oil. Some time ago, Britain claimed to have invested so much in Green alternative energy, that it now supplied 43% of our requirements.
And that figure was published in 2014.
So how is it that the tragic war in Ukraine in 2022 can be used to justify such a hike in costs to ordinary people?
Profit and greed, pure and simple. In parliament today, Boris Johnson was laughing when asked about the increases.
Laughing at ordinary people wondering how they will heat their homes.
(It is still worth remembering that even when we are struggling to pay our bills, stay warm, and put fuel in our cars so we can drive to work or to the supermarket, we are better off than a refugee family from Ukraine living in a UNHCR tent in a foreign country. )