RE: 3,075,000 held in treasury ...26 Mar 2023 19:02
Absolutely incredible that the UK government are now looking at windfall tax relief as the oil price has 'temporarily' dropped.They know they have royally f*cked up with production in the North Sea declining an the likes of Harbour Energy wiping off their profits.
The interesting thing will be when the oil price rises again in H2 2023. The bad bets, volatility an stops from shorts caused the recent drop in oil price rather than the fundamentals. As the tightness of oil becomes more apparent, esp China opening, I see oil price rising fast H2 2023...the Uk government will then realise they have lost the plot on what is playing out here.
Very interesting times to come an some prosperous years for Union Jack Oil with what I see playing out here.