You know that slightly vulgar Q&A ?
Question: Why do dogs lick their balls?
Answer: Because they can.
Its pretty much a metaphor for the corporate world for much of the time:
Q: Why do bankers pay themselves large bonuses?
A: Because they can.
and so on.
It is the Because they can imperative which helps us understand why heating oil costs have gone up by 50% or more in recent times (see graph):
Oil is often the only choice for many in rural areas without connections to the Natural Gas grid. It is usually Kerosene and sometimes Gas Oil both middle distillates from the refining process. Because the rates of duty applicable to heating oil (as compared to road fuel) are minor there should usually be a close correlation between the ex-refinery cost of the oil and the crude oil price. In August (the low point on the graph) heating oil cost domestic customers 40p a litre. Today it is as much as 70p a litre – a rise of up to 75% . Over that same period the price of crude oil has gone from $76 a barrel to $86 a barrel – a rise of only 13%. British consumers pay for their heating oil in Sterling so we have to allow for the change in the £/$ exchange rate when making comparisons. In Sterling terms the price of crude oil per barrel has gone from £48.5 to £54.8 still only a rise of 13%. read more
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