Britain’s Tory party is not good for much these days, except, perhaps, for providing useful lessons on how not to do things.
In this case, they implemented a windfall tax on oil profits and the oil companies decided: "Hey, maybe we shouldn't invest in development and production when the government is hostile to our industry."
Will the current Administration learn a lesson from the Brits? No, it will not.
1 comment:
"Hey, maybe" isn't actually a "decision."
Complaining and rethinking since last Thursday, oh Jesus, no. How can the British economy recover from this nonexistent blow?
Britain’s Tory party is not good for much these days, except, perhaps, for providing useful lessons on how not to do things.
Do these days feature "Chariots of Fire" and Adam Ant? Free market champion Margaret Thatcher levied a windfall tax on the banks in 1980. And then another windfall tax on the oil companies in 1981.
Maggie's hostile oil tax is the reason why UK oil companies forever ended their investment in development and production.
Meanwhile, here in the colonies:
Oil prices today: $115.83 a barrel
Gas prices today: $5.01 a gallon
Oil prices in April of 2008: $116.50
Gas prices in April of 2008: $3.51 a gallon
It's your fault, Brandon! So whatever you do, you mustn't do anything!
Post a Comment