If you want insight into energy markets BBC Radio 4 "In the briefing room" "Can we keep the lights on this Winter?" on yesterday. You may worry about affording energy- there may be NONE to buy. Norway's electricity we buy is based on Hydroelectric power(dams) and lack of rain means the Norwegian government have an emergency meeting next week and may well reduce sales to UK . France is taking power from us due to ageing/faulty nuclear power stations. Gas also covered. Our government needs to take urgent action, the only speedy source of energy is on-shore wind- big turbines can be built in 6 months, only voters don't like them. (They can be taken down quickly too)They should be told straight the alternative is a Putin victory. This government is wrapped up in navel gazing. UK has wasted wasted so much time ......
Members of the G7 have agreed to impose a price cap on Russian oil in a bid to hit Moscow's ability to finance the war in Ukraine.
Finance ministers said the cap on crude oil and petroleum products would also help reduce global energy prices. The cap will be set at a level based on a range of technical inputs.
"We will continue to stand with Ukraine for as long as it takes," the G7 said.
At their virtual meeting, the finance ministers said the oil price cap plan was "specifically designed" to reduce Russian revenues and its ability to "fund its war of aggression". They also said they wanted to minimise the damaging economic fallout of the conflict, "especially on low and middle-income countries".
In the aftermath of Russia's invasion of Ukraine the price of oil soared and has remained at high levels, meaning Russia has increase its revenues from the fossil fuel despite its export volumes falling.
The EU plans to impose an embargo on Russian crude oil from 5 December. It will apply to crude shipped by tanker and most piped supplies.
China and India - major trading partners for Russia - may not follow G7 policy on Russian oil, analysts say. They have not joined the Western sanctions targeting Russia.
UK Chancellor Nadhim Zahawi said the G7 were "united against this barbaric aggression", adding the price cap would "curtail Putin's capacity to fund his war".
US Treasury Secretary Janet Yellen said a cap would also help fight inflation, which is on the rise in many of the world's economies.
The price cap helps achieve "our dual goals of putting downward pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine", she said.
Surely this can’t be right. We aren’t talking to our fellow European colleagues to try and redress the market rises so some have said 😉
To be seen if it has any success.
It’s a complex market it seems.
Well there are only three EU countries in the G7 for a start and none of the dialogue would be going through Brussels. So no we aren’t talking to the EU or at least this doesn’t confirm that we are.
Colleagues I said. Not the EU as a body.
Also I believe the EU are invited to the G7.
The point remains that things do happen behind the scenes before it reaches the public domain.
There was an agreement a while ago, apparently it was 95% done, but QPR pulled it at the last moment
If you want insight into energy markets BBC Radio 4 "In the briefing room" "Can we keep the lights on this Winter?" on yesterday. You may worry about affording energy- there may be NONE to buy. Norway's electricity we buy is based on Hydroelectric power(dams) and lack of rain means the Norwegian government have an emergency meeting next week and may well reduce sales to UK . France is taking power from us due to ageing/faulty nuclear power stations. Gas also covered. Our government needs to take urgent action, the only speedy source of energy is on-shore wind- big turbines can be built in 6 months, only voters don't like them. (They can be taken down quickly too)They should be told straight the alternative is a Putin victory. This government is wrapped up in navel gazing. UK has wasted wasted so much time ......
If you want insight into energy markets BBC Radio 4 "In the briefing room" "Can we keep the lights on this Winter?" on yesterday. You may worry about affording energy- there may be NONE to buy. Norway's electricity we buy is based on Hydroelectric power(dams) and lack of rain means the Norwegian government have an emergency meeting next week and may well reduce sales to UK . France is taking power from us due to ageing/faulty nuclear power stations. Gas also covered. Our government needs to take urgent action, the only speedy source of energy is on-shore wind- big turbines can be built in 6 months, only voters don't like them. (They can be taken down quickly too)They should be told straight the alternative is a Putin victory. This government is wrapped up in navel gazing. UK has wasted wasted so much time ......
If you want insight into energy markets BBC Radio 4 "In the briefing room" "Can we keep the lights on this Winter?" on yesterday. You may worry about affording energy- there may be NONE to buy. Norway's electricity we buy is based on Hydroelectric power(dams) and lack of rain means the Norwegian government have an emergency meeting next week and may well reduce sales to UK . France is taking power from us due to ageing/faulty nuclear power stations. Gas also covered. Our government needs to take urgent action, the only speedy source of energy is on-shore wind- big turbines can be built in 6 months, only voters don't like them. (They can be taken down quickly too)They should be told straight the alternative is a Putin victory. This government is wrapped up in navel gazing. UK has wasted wasted so much time ......
If you want insight into energy markets BBC Radio 4 "In the briefing room" "Can we keep the lights on this Winter?" on yesterday. You may worry about affording energy- there may be NONE to buy. Norway's electricity we buy is based on Hydroelectric power(dams) and lack of rain means the Norwegian government have an emergency meeting next week and may well reduce sales to UK . France is taking power from us due to ageing/faulty nuclear power stations. Gas also covered. Our government needs to take urgent action, the only speedy source of energy is on-shore wind- big turbines can be built in 6 months, only voters don't like them. (They can be taken down quickly too)They should be told straight the alternative is a Putin victory. This government is wrapped up in navel gazing. UK has wasted wasted so much time ......
If you want insight into energy markets BBC Radio 4 "In the briefing room" "Can we keep the lights on this Winter?" on yesterday. You may worry about affording energy- there may be NONE to buy. Norway's electricity we buy is based on Hydroelectric power(dams) and lack of rain means the Norwegian government have an emergency meeting next week and may well reduce sales to UK . France is taking power from us due to ageing/faulty nuclear power stations. Gas also covered. Our government needs to take urgent action, the only speedy source of energy is on-shore wind- big turbines can be built in 6 months, only voters don't like them. (They can be taken down quickly too)They should be told straight the alternative is a Putin victory. This government is wrapped up in navel gazing. UK has wasted wasted so much time ......
So the question to Truss should have been ‘how can you assure that?’
But we don’t. We get sound bites only. Why don’t people put them on the spot in a better way? Then the frailty of the statements can be exposed.
She can’t possibly ensure we won’t need power rationing. All she’s doing is saying anything that’s positive. Once she’s having Johnson’s wallpaper stripped she’ll have to face reality and tell a bit more like it is. We’re really up shit creek in the U.K. and although I know very little about macro economics I think I understand it enough to predict that things here are going to get very rough. A return to 1930’s scenes are not out of the question. Quite how modern brits handle that will be interesting if god forbid we get anywynear close to that.
If you want insight into energy markets BBC Radio 4 "In the briefing room" "Can we keep the lights on this Winter?" on yesterday. You may worry about affording energy- there may be NONE to buy. Norway's electricity we buy is based on Hydroelectric power(dams) and lack of rain means the Norwegian government have an emergency meeting next week and may well reduce sales to UK . France is taking power from us due to ageing/faulty nuclear power stations. Gas also covered. Our government needs to take urgent action, the only speedy source of energy is on-shore wind- big turbines can be built in 6 months, only voters don't like them. (They can be taken down quickly too)They should be told straight the alternative is a Putin victory. This government is wrapped up in navel gazing. UK has wasted wasted so much time ......
So the question to Truss should have been ‘how can you assure that?’
But we don’t. We get sound bites only. Why don’t people put them on the spot in a better way? Then the frailty of the statements can be exposed.
She can’t possibly ensure we won’t need power rationing. All she’s doing is saying anything that’s positive. Once she’s having Johnson’s wallpaper stripped she’ll have to face reality and tell a bit more like it is. We’re really up shit creek in the U.K. and although I know very little about macro economics I think I understand it enough to predict that things here are going to get very rough. A return to 1930’s scenes are not out of the question. Quite how modern brits handle that will be interesting if god forbid we get anywynear close to that.
I agree she is saying anything positive and without foundation but I am not as pessimistic on the next stages.
Being positive , talking us and the economy up is a legitimate tactic of course as long as it has some legitimacy.
She's been in a bubble for the last few weeks, telling Tory party members what they want to hear. Reality will hopefully sink on next week. Looking forward to her first PMQs.
She's been in a bubble for the last few weeks, telling Tory party members what they want to hear. Reality will hopefully sink on next week. Looking forward to her first PMQs.
We desperately need a competent leader who has policies to meet the energy crisis - inane soundbites are the last thing we need.
Just the same disbelief that 350 million Americans end up with their leaders and the UK ends up with Truss. How is it possible we end up with such desperately poor options? Is this how democracy looks for the future?
When people go to vote, put the cross on the paper, they’re not having their arms twisted, it is a quite deliberate action, and nobody can blame their vote on anybody else, and it is never a mystery, even if some find the outcome a surprise. I don’t struggle to know how this country ended up with Johnson, and probably now Truss, it is because people positively want it, and want all that follows I’m afraid. I really struggle with the notion that people were tricked, or believed any lies. If a politician promised that men would have the babies if you voted for them, you don’t have to believe them just because they say it, you can apply a bit of thought, and treat your vote as the very precious thing it is.
When people go to vote, put the cross on the paper, they’re not having their arms twisted, it is a quite deliberate action, and nobody can blame their vote on anybody else, and it is never a mystery, even if some find the outcome a surprise. I don’t struggle to know how this country ended up with Johnson, and probably now Truss, it is because people positively want it, and want all that follows I’m afraid. I really struggle with the notion that people were tricked, or believed any lies. If a politician promised that men would have the babies if you voted for them, you don’t have to believe them just because they say it, you can apply a bit of thought, and treat your vote as the very precious thing it is.
Our energy strategy has been a disaster for years and just been ignored - even now our politicians seem unable to react. Hard to believe...
When people go to vote, put the cross on the paper, they’re not having their arms twisted, it is a quite deliberate action, and nobody can blame their vote on anybody else, and it is never a mystery, even if some find the outcome a surprise. I don’t struggle to know how this country ended up with Johnson, and probably now Truss, it is because people positively want it, and want all that follows I’m afraid. I really struggle with the notion that people were tricked, or believed any lies. If a politician promised that men would have the babies if you voted for them, you don’t have to believe them just because they say it, you can apply a bit of thought, and treat your vote as the very precious thing it is.
Ok @seth plum what was the last ‘good’ we had in your opinion?
When people go to vote, put the cross on the paper, they’re not having their arms twisted, it is a quite deliberate action, and nobody can blame their vote on anybody else, and it is never a mystery, even if some find the outcome a surprise. I don’t struggle to know how this country ended up with Johnson, and probably now Truss, it is because people positively want it, and want all that follows I’m afraid. I really struggle with the notion that people were tricked, or believed any lies. If a politician promised that men would have the babies if you voted for them, you don’t have to believe them just because they say it, you can apply a bit of thought, and treat your vote as the very precious thing it is.
Ok @seth plum what was the last ‘good’ we had in your opinion?
When people go to vote, put the cross on the paper, they’re not having their arms twisted, it is a quite deliberate action, and nobody can blame their vote on anybody else, and it is never a mystery, even if some find the outcome a surprise. I don’t struggle to know how this country ended up with Johnson, and probably now Truss, it is because people positively want it, and want all that follows I’m afraid. I really struggle with the notion that people were tricked, or believed any lies. If a politician promised that men would have the babies if you voted for them, you don’t have to believe them just because they say it, you can apply a bit of thought, and treat your vote as the very precious thing it is.
Ok @seth plum what was the last ‘good’ we had in your opinion?
When people go to vote, put the cross on the paper, they’re not having their arms twisted, it is a quite deliberate action, and nobody can blame their vote on anybody else, and it is never a mystery, even if some find the outcome a surprise. I don’t struggle to know how this country ended up with Johnson, and probably now Truss, it is because people positively want it, and want all that follows I’m afraid. I really struggle with the notion that people were tricked, or believed any lies. If a politician promised that men would have the babies if you voted for them, you don’t have to believe them just because they say it, you can apply a bit of thought, and treat your vote as the very precious thing it is.
Ok @seth plum what was the last ‘good’ we had in your opinion?
The last good what? Government?
Yeah sorry not sure what happened there.
You won't especially like my answer, but it depends on what is meant, or what you mean by 'good'. There is no objective answer, although many measure 'good' in terms of money and economics. So as not to duck the question, in my opinion no government has ever been 'good', however occasionally a government is able to enable 'good' things to happen. For example same sex marriage has been good, not imprisoning people for being gay, offering a refuge to Ugandan Asians, 'legalising' abortion, the Belfast Agreement, the establishment of the NHS, the building schools for the future programme, joining the 'common market (the EU) are amongst what I consider to be good things. I consider a lot of governmental action to be bad also.
Just the same disbelief that 350 million Americans end up with their leaders and the UK ends up with Truss. How is it possible we end up with such desperately poor options? Is this how democracy looks for the future?
Members of the G7 have agreed to impose a price cap on Russian oil in a bid to hit Moscow's ability to finance the war in Ukraine.
Finance ministers said the cap on crude oil and petroleum products would also help reduce global energy prices. The cap will be set at a level based on a range of technical inputs.
"We will continue to stand with Ukraine for as long as it takes," the G7 said.
At their virtual meeting, the finance ministers said the oil price cap plan was "specifically designed" to reduce Russian revenues and its ability to "fund its war of aggression". They also said they wanted to minimise the damaging economic fallout of the conflict, "especially on low and middle-income countries".
In the aftermath of Russia's invasion of Ukraine the price of oil soared and has remained at high levels, meaning Russia has increase its revenues from the fossil fuel despite its export volumes falling.
The EU plans to impose an embargo on Russian crude oil from 5 December. It will apply to crude shipped by tanker and most piped supplies.
China and India - major trading partners for Russia - may not follow G7 policy on Russian oil, analysts say. They have not joined the Western sanctions targeting Russia.
UK Chancellor Nadhim Zahawi said the G7 were "united against this barbaric aggression", adding the price cap would "curtail Putin's capacity to fund his war".
US Treasury Secretary Janet Yellen said a cap would also help fight inflation, which is on the rise in many of the world's economies.
The price cap helps achieve "our dual goals of putting downward pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine", she said.
What does the first part of the above actually mean ? By that I mean for the consumer ?
I'm really not sure how this will work. Russia has oil, the G7 have put a cap on its price (which presumably means they won't pay more for Russian oil) and then Russia sells the oil to India and China for the global market rate. In the meantime the G7 have to buy oil on the global market.
What could possibly go wrong?
It strikes me as only symbolic as the cap has been timed to take effect from the point when none of the G7 are buying Russian oil anymore anyway.
The government is likely going to be spending a lot of money on getting the nation through this winter. Assuming they borrow the money. How will this or any other interventions impact on Sterling ?
This. There's every chance we're already heading into a full blown currency crisis. Bailing out energy users by borrowing or quantitative easing could turn a very dangerous situation into a catastrophy.
What's the answer then? Let them lose their house? Let them burn furniture first? Die?
Profit cap and windfall tax across all major energy providers.
Are the providers actually making enough of a windfall profit to tax?
Members of the G7 have agreed to impose a price cap on Russian oil in a bid to hit Moscow's ability to finance the war in Ukraine.
Finance ministers said the cap on crude oil and petroleum products would also help reduce global energy prices. The cap will be set at a level based on a range of technical inputs.
"We will continue to stand with Ukraine for as long as it takes," the G7 said.
At their virtual meeting, the finance ministers said the oil price cap plan was "specifically designed" to reduce Russian revenues and its ability to "fund its war of aggression". They also said they wanted to minimise the damaging economic fallout of the conflict, "especially on low and middle-income countries".
In the aftermath of Russia's invasion of Ukraine the price of oil soared and has remained at high levels, meaning Russia has increase its revenues from the fossil fuel despite its export volumes falling.
The EU plans to impose an embargo on Russian crude oil from 5 December. It will apply to crude shipped by tanker and most piped supplies.
China and India - major trading partners for Russia - may not follow G7 policy on Russian oil, analysts say. They have not joined the Western sanctions targeting Russia.
UK Chancellor Nadhim Zahawi said the G7 were "united against this barbaric aggression", adding the price cap would "curtail Putin's capacity to fund his war".
US Treasury Secretary Janet Yellen said a cap would also help fight inflation, which is on the rise in many of the world's economies.
The price cap helps achieve "our dual goals of putting downward pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine", she said.
What does the first part of the above actually mean ? By that I mean for the consumer ?
I'm really not sure how this will work. Russia has oil, the G7 have put a cap on its price (which presumably means they won't pay more for Russian oil) and then Russia sells the oil to India and China for the global market rate. In the meantime the G7 have to buy oil on the global market.
What could possibly go wrong?
It strikes me as only symbolic as the cap has been timed to take effect from the point when none of the G7 are buying Russian oil anymore anyway.
It’s not symbolic. EU countries will now only be able to by Russian oil if it is transported by sea and is sold at or below the price cap. There is still need for EU countries to import Russian oil. That dependence is reducing but won’t be completely negated by this winter. If Russia continues to block gas exports via Nord Stream during the winter months then the economies of Germany and Italy in particular will be hit. Unlikely that energy rationing will not be required. Similarly in the U.K. where a large proportion of our energy in imported from Norway who are struggling to produce the hydro generated electricity due to the drought. Very different reasons but quite possibly a similar outcome.
Members of the G7 have agreed to impose a price cap on Russian oil in a bid to hit Moscow's ability to finance the war in Ukraine.
Finance ministers said the cap on crude oil and petroleum products would also help reduce global energy prices. The cap will be set at a level based on a range of technical inputs.
"We will continue to stand with Ukraine for as long as it takes," the G7 said.
At their virtual meeting, the finance ministers said the oil price cap plan was "specifically designed" to reduce Russian revenues and its ability to "fund its war of aggression". They also said they wanted to minimise the damaging economic fallout of the conflict, "especially on low and middle-income countries".
In the aftermath of Russia's invasion of Ukraine the price of oil soared and has remained at high levels, meaning Russia has increase its revenues from the fossil fuel despite its export volumes falling.
The EU plans to impose an embargo on Russian crude oil from 5 December. It will apply to crude shipped by tanker and most piped supplies.
China and India - major trading partners for Russia - may not follow G7 policy on Russian oil, analysts say. They have not joined the Western sanctions targeting Russia.
UK Chancellor Nadhim Zahawi said the G7 were "united against this barbaric aggression", adding the price cap would "curtail Putin's capacity to fund his war".
US Treasury Secretary Janet Yellen said a cap would also help fight inflation, which is on the rise in many of the world's economies.
The price cap helps achieve "our dual goals of putting downward pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine", she said.
What does the first part of the above actually mean ? By that I mean for the consumer ?
I'm really not sure how this will work. Russia has oil, the G7 have put a cap on its price (which presumably means they won't pay more for Russian oil) and then Russia sells the oil to India and China for the global market rate. In the meantime the G7 have to buy oil on the global market.
What could possibly go wrong?
It strikes me as only symbolic as the cap has been timed to take effect from the point when none of the G7 are buying Russian oil anymore anyway.
It’s not symbolic. EU countries will now only be able to by Russian oil if it is transported by sea and is sold at or below the price cap. There is still need for EU countries to import Russian oil. That dependence is reducing but won’t be completely negated by this winter. If Russia continues to block gas exports via Nord Stream during the winter months then the economies of Germany and Italy in particular will be hit. Unlikely that energy rationing will not be required. Similarly in the U.K. where a large proportion of our energy in imported from Norway who are struggling to produce the hydro generated electricity due to the drought. Very different reasons but quite possibly a similar outcome.
That’s not true - Hungary for sure aren’t going to be importing Russian oil only by sea, doubt they’ll even adhere to the price cap if Russia refuse to sell below market rate.
Just the same disbelief that 350 million Americans end up with their leaders and the UK ends up with Truss. How is it possible we end up with such desperately poor options? Is this how democracy looks for the future?
Because we have ended up in the same place as the Americans have.
The two options are decided by the extreams of the (main stream) political spectrum. British politics became more extreme once both parties changed the rules on choosing their leaders.
Members of the G7 have agreed to impose a price cap on Russian oil in a bid to hit Moscow's ability to finance the war in Ukraine.
Finance ministers said the cap on crude oil and petroleum products would also help reduce global energy prices. The cap will be set at a level based on a range of technical inputs.
"We will continue to stand with Ukraine for as long as it takes," the G7 said.
At their virtual meeting, the finance ministers said the oil price cap plan was "specifically designed" to reduce Russian revenues and its ability to "fund its war of aggression". They also said they wanted to minimise the damaging economic fallout of the conflict, "especially on low and middle-income countries".
In the aftermath of Russia's invasion of Ukraine the price of oil soared and has remained at high levels, meaning Russia has increase its revenues from the fossil fuel despite its export volumes falling.
The EU plans to impose an embargo on Russian crude oil from 5 December. It will apply to crude shipped by tanker and most piped supplies.
China and India - major trading partners for Russia - may not follow G7 policy on Russian oil, analysts say. They have not joined the Western sanctions targeting Russia.
UK Chancellor Nadhim Zahawi said the G7 were "united against this barbaric aggression", adding the price cap would "curtail Putin's capacity to fund his war".
US Treasury Secretary Janet Yellen said a cap would also help fight inflation, which is on the rise in many of the world's economies.
The price cap helps achieve "our dual goals of putting downward pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine", she said.
What does the first part of the above actually mean ? By that I mean for the consumer ?
I'm really not sure how this will work. Russia has oil, the G7 have put a cap on its price (which presumably means they won't pay more for Russian oil) and then Russia sells the oil to India and China for the global market rate. In the meantime the G7 have to buy oil on the global market.
What could possibly go wrong?
It strikes me as only symbolic as the cap has been timed to take effect from the point when none of the G7 are buying Russian oil anymore anyway.
It’s not symbolic. EU countries will now only be able to by Russian oil if it is transported by sea and is sold at or below the price cap. There is still need for EU countries to import Russian oil. That dependence is reducing but won’t be completely negated by this winter. If Russia continues to block gas exports via Nord Stream during the winter months then the economies of Germany and Italy in particular will be hit. Unlikely that energy rationing will not be required. Similarly in the U.K. where a large proportion of our energy in imported from Norway who are struggling to produce the hydro generated electricity due to the drought. Very different reasons but quite possibly a similar outcome.
That’s not true - Hungary for sure aren’t going to be importing Russian oil only by sea, doubt they’ll even adhere to the price cap if Russia refuse to sell below market rate.
Any country that signs up to the G7 cap will only be able to get Russian oil exported by sea. You are correct though. I used EU when I should have used G7. I stand corrected
Comments
Our government needs to take urgent action, the only speedy source of energy is on-shore wind- big turbines can be built in 6 months, only voters don't like them. (They can be taken down quickly too)They should be told straight the alternative is a Putin victory. This government is wrapped up in navel gazing. UK has wasted wasted so much time ......
There was an agreement a while ago, apparently it was 95% done, but QPR pulled it at the last moment
https://www.theguardian.com/politics/2022/aug/31/liz-truss-rules-out-energy-rationing-this-winter-at-final-tory-hustings
I'm not sure that's a recent development.
How is it possible we end up with such desperately poor options?
Is this how democracy looks for the future?
I don’t struggle to know how this country ended up with Johnson, and probably now Truss, it is because people positively want it, and want all that follows I’m afraid.
I really struggle with the notion that people were tricked, or believed any lies. If a politician promised that men would have the babies if you voted for them, you don’t have to believe them just because they say it, you can apply a bit of thought, and treat your vote as the very precious thing it is.
Government?
You might be interested in this science fiction book:
https://en.wikipedia.org/wiki/The_Left_Hand_of_Darkness
So as not to duck the question, in my opinion no government has ever been 'good', however occasionally a government is able to enable 'good' things to happen.
For example same sex marriage has been good, not imprisoning people for being gay, offering a refuge to Ugandan Asians, 'legalising' abortion, the Belfast Agreement, the establishment of the NHS, the building schools for the future programme, joining the 'common market (the EU) are amongst what I consider to be good things.
I consider a lot of governmental action to be bad also.
The two options are decided by the extreams of the (main stream) political spectrum. British politics became more extreme once both parties changed the rules on choosing their leaders.