"our dependence on fossil fuels is going to keep prices rising" | LBC News 14.08.24

[@BOZ_11]

Rubbish, energy margins have increased massively since 2022. "Last week, BP revealed second-quarter profits more than trebled to a 14-year high. The oil giant reported underlying replacement cost profits - its preferred measure - jumping to a far better-than-expected £6.9 billion for the three months to June 30, up from £2.3 billion a year ago. A week earlier, Centrica’s half-year profits soared five-fold to £1.3 billion, while Shell achieved a record second quarter result as adjusted earnings hit nearly £9.5 billion." HuffPost: 08/11/2022

[@PositiveMoneyUK]

Hi @BOZ_11 , we're not denying the role of corporate profiteering in price rises, as we mention these are one of several factors that have led to price rises, but fossilflation is an underlying cause as well. If we weren't so reliant on international oil & gas markets, with private companies acting as intermediaries for our energy supply, we wouldn't be experiencing price shocks like this. That's why we need more public investment in home-grown, renewable energy. Check out paper Inflation as an Ecological Phenomenon from earlier this year for more info; positivemoney.org/publications/inflation-as-an-ecological-phenomenon/

[@BOZ_11]

@@PositiveMoneyUK fossilflation isn't the reason, since crude oil prices (adjusted for inflation) are cheaper today compared with 2010 ($124 then to $77 now). Inflation adjusted coal prices have increased modestly from $184 to $199. You can find the data on the Federal Reserve website entitled: "Producer Price Index by Commodity: Fuels and Related Products and Power: Coal" Lastly, oil does not come from or derived in any way from fossils. Same for coal (condensed ancient plant life, nothing to do with fossils)

[@Tashio240]

I thought the rises were due to profit not supply and demand?

[@PositiveMoneyUK]

Hi @Tashio240, there are several causes for price rises and profiteering is definitely playing a part, but if we weren't so reliant on international oil & gas markets, with private companies acting as intermediaries for our energy supply, we wouldn't be experiencing price shocks like this. That's why we need more public investment in home-grown, renewable energy. Check out paper Inflation as an Ecological Phenomenon from earlier this year for more info; positivemoney.org/publications/inflation-as-an-ecological-phenomenon/

[@TallerMan.1520]

Thursday 20th November 2014, Money Creation & Society' Debate in UK Parliament. Send the video to your MP in an official email at the least creating a record for future reference as only 21 were in attendance out of 650. 'Money Creation & Society' Debate in UK Parliament kzbin.info/www/bejne/e3O2nYaLfrlgga8 #PositiveMoney.