This is from the Office for Budget Responsibility report just published. It is the oil and gas price forecast for the next five years, which Rachel Reeves says proves her forecasts are right:
Are oil prices going down like that?
It does not look likely.
And as for gas, its only direction right now is upward.
That whole forecast is ludicrously wrong.
And why? Because it focuses on money and not reality.
What this data proves is that to plan around forecasts that will always be wrong because they focus on money and not need, is bound to lead to failure.
The whole of this process of planning is totally absurd. All we are hearing about is finance. What I want to hear about is meeting needs. And nothing is being said about that, at all.
This is a debate between the Tories and Labour about who can creep to the City the most.
Now, off to talk on air.
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The OBR couldn’t forecast the weather 5 mins ahead. Gas was rumbling around Euro29 – Euro37/MWh (Rotterdam TTF) in Jan & Feb. Indeed Feb 24th it was Euro29. Now? Hmm looks like a straight line up (north of Euro53/MWh as I write).
Elec prices (cos natch the gas generators NEVER buy forwards), are, in Netherlands +/- Euro200/MWh (peak) with circa Euro100/MWh as an ave – I say carruthers pass the champers will you old chap.
Don’t have UK prices but I am confident it will be the same merry go-round. So, UK serfs, how do you feel about being shafted by the President of the USA, convicted rapist (& bar). I am confident that none of the MSSM will question Fart-rage wrt his support for the rapist & his actions wrt Iran. The problem is EU dependence on Middle east gas (& US gas). Clever.
They would probably have a better forecast if they looked out the window. Probably.
I find it incredible that anybody would try to forecast the price of anything five years ahead, especially oil. It must be some kind of crazy.
Agreed
They are not crazy, they are perfectly sane
Just not in the way everyone else is……………
“What this data proves is that to plan around forecasts that will always be wrong because they focus on money and not need, is bound to lead to failure.” Agreed
But, you can’t focus on need if you don’t actually bother to find out what this is.
Sham consultations with disabled people over welfare “reform” whilst constantly takling about the rising cost of welfare as a “problem to be fixed”
Need, what evidence is there that LINO care about meeting those of anybody other than their wealthy donors?
All noted, thanks.
I note that the last column are all negative. Does the mean the suppliers are going to pay you to take it away!!!!!!!
No
They are percentage declines.