High cost of raising taxes on drilling for oil

Scotsman:
NORTH Sea oil production collapsed by a record 18 per cent last year – the biggest fall since black gold started flowing four decades ago – as the Chancellor’s controversial tax hike shook investor confidence.
The slump was caused mainly by a combination of platform shutdowns for essential maintenance on ageing installations and a low number of discoveries being brought on stream.
But prospecting for new oil and gas reserves was also hit by a 50 per cent reduction in exploration drilling as George Osborne’s oil tax-grab hit investment plans, according to the latest activity survey by Oil & Gas UK.
The pan-industry trade body’s report, published today, reveals that only a small number of large projects are continuing to drive UK offshore oil and gas investment in the short term.
... 
If you want less of something tax it and that appears to have worked in the North Sea area off the UK.  Obama would like to repeat that fiasco by raising taxes on those engaged in taking risk to find the oil we need.

Comments

Post a Comment

Popular posts from this blog

Should Republicans go ahead and add Supreme Court Justices to head off Democrats

Washington Post: Some Democrats eye adding more justices to the Supreme Court to change its ideological bent The once-remote idea has gained the attention of liberals angered by the GOP push to remake the federal courts. Probably the easy way to defeat this court-packing scheme is for Trump to propose doing the same thing now.  It would lead to Democrat denunciations and claims that it would be wrong, thereby blowing up any attempt by them in the unfortunate event of Democrats winning a presidential election.
Read more

29 % of companies say they are unlikely to keep insurance after Obamacare

Conn Carroll: A new survey of 368 midsize to large companies found that 29% of them are considering terminating their active employee health care plans when Obamacare is full implemented in 2014. Only 71% of employers surveyed said they did not expect to drop their health coverage, while 20% said they did not know and 9% said they were planning to exit. The latest survey, conducted by Towers Watson, echoes an ealier survey by McKinsey & Co. finding that 30% of private-sector employers were planning to drop their employee health insurance coverage by 2014. When the Congressional Budget Office crunched Obamacare's spending numbers, they estimated that only 7% of employees currently covered by employer-sponsored plans would lose their plans. ... This means the cost of the health care fiasco will be hundreds of billions more than estimated by the CBO and Congressional Democrat. It is also clear that Obama's pledge that you could keep your health care plan if you wanted t
Read more