My TL;DR:
Ministers have repeatedly claimed developing the huge oilfield off Shetland will improve UK energy security.
For example, in September, Rishi Sunak said Rosebank would help prevent young people from growing up “dependent on foreign dictators” for energy security.
Furthermore, in the king’s speech: “Legislation will be introduced to strengthen the United Kingdom’s energy security and reduce reliance on volatile international energy markets and hostile foreign regimes".
However, in a written answer to a parliamentary question, the government admits that the private companies extracting the oil will sell the vast majority internationally: “Around 80% of the oil produced in the UK is refined overseas into the products demanded by the UK market".
Alexander Kirk, of the climate justice group Global Witness, says “UK oil and gas is owned by the companies that extract it and sell it on global markets. New oilfields like Rosebank will only line the pockets of rich fossil fuel firms, it won’t help the millions of Brits that are struggling to pay their bills.”
Edit: Making title more clear.
A better question is, if the underlying cost of providing energy has increased, why are fossil fuel companies reporting record high profits.
Because when you charge 20% on something and the value of that thing doubles you make double the amount too. I think the UK government is way too cosy with big oil and is scared of asking for more
Think about what you just said for a second.
If the price doubles and the profit margin remains the same, that exactly means that the price is inelastic.
Which is directly synonymous with saying the price is not subject to supply and demand pressure because that would imply elasticity.
You pointed to price inelasticity as proof of price elasticity. God fucking damn.