Thursday, 15 January 2015

Oil Man up or bust..

The oil industry  has having its cake and eating it , with huge subsidies , large dividends to shareholders, paying lip service to climate change,  They are similar to the banks with huge reserves scattered around the globe and avoiding paying all the taxes  due , by having offshore bank accounts like Amazon and the like  evading and avoiding are respectable now , and now they have the nerve to ask for more .

The industry has to man up to its responsibilities , governments should pile on taxes to ensure a stable retail price and hold the industry to account for it profligate actions , They are extracting like hell before more restrictions are placed on them for extraction , as a Nature report states that most of the remaining oils stocks have to be left in the ground if we are to arrest global warming, so the oil producers are trying to have a last fling before they have to reduce production quotas and so the high cost oils are now being cast out as unprofitable  which is good new for the tars sands , if they are stopped, but many others will suffer also. If we are to support North Sea oil on ground of security then lets have a policy on it , not just knee jerk reactions because a few jobs are at risk .

We have never looked at the long term , and now governments are paying the price of not saving tax revenues for a rainy day, Norway is laughing at us for being so greedy and  now tax revenues will have to rise to make up for any loss from the oil industry.

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