Originally posted by XboxWidow
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Also, I forgot to say in my post before. The 22% of the cost of fuel that is not direct government duty, is taxed at 17.5%. The oil exploration companies also pay the UK government a 'Windfall' tax on every barrel of oil extracted. They also pay licence fes to operate. That's why if you ignore basket prices and look at individual oil prices, UK crude is way more expensive than Middle East crude. This also explains the previous question as to why we import when North Sea crude is superior. North Sea crude is sweet, Middle East crude is sour. But the cost of sweetening is lower than the dutys imposed on our crude, that's why we import...
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