RE: 1.4% rise is just unbelievable11 Apr 2024 10:45
Dumbly, you first have to find someone so incensed and principled that they are prepared to dig into their deep pockets and fund a long legal action..........then you might get a challenge. No NS O&G company is going to damage their prospects by taking on such an action, especially if they are surviving, and if EPL is forcing them out of business, there will be no deep pockets to dip into.
Personally, to tax one industry more than any other is anti competition. To apply an additional tax on all profit is tantamount to State theft and backdoor nationalisation of profits. To apply tax on one segment of an industry is wrong. For Labour to support EPL whilst talking about a State energy company is anti-competitive. To tax NS O&G in the twilight of production and extraction after companies have taken massive risks and investments is morale wrong, especially when the industry has a long business cycle. Moving the goal posts in the form of EPL is fundamentally wrong. Applying a floor price below a realistic level with multiple caveats is shameful. To place EPL on small companies and or indebted companies when the banks require them to hedge, so they miss out on the majority of any windfall shows a lack of understanding and judgement. To apply a tax and a retrospective one at tat which immediately means that companies finance covenants are breeched if debt is not immediately paid down is wrong at best. To pander to the extreme groups to win voters is wrong. To mislead the public over true renewable costs and subsidies is a lying. To have a strategy that does not take into account energy infrastructure and storage. To grab tax revenue in the short term whilst sacrificing GDP, longer term tax revenues, quality jobs, accelerating production decline and abandonment, exporting CO2 to claim achieving net zero and energy security. To rush at net zero and import the majority of renewable equipment from foreign companies is stupid economics at a state level. Not understanding O&G is fundamentally part of the transition and beyond, you cannot turn it off at a prescribed date as there will be every sort of chaos in our society.
Sorry folks, that is a rant off the top of my head and if I had deep pockets and a lot pf patience I would be the person to take the government on, unfortunately I don't have the former unless ENQ goes to £10 and having fought the sour mix of corruption and incompetence before, I have chosen to be a hermit who meditates on when will there be a 60p party?!
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