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Re: dont' start an oil fire - |
Jul 29, 2006, 15:33 |
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True, but what is being done with the 10 Billion? Dividends and share buybacks. New explorations. Diversification.
I would feel better about it if they invested in tapping the frozen tundra Yeah, but that'll only be worthwhile if the oil price remains high. $10bn per quarter isn't enough to move into the less productive / more difficult regions. Not by a long shot. Only guaranteed high prices make long term decisions like that make sense. Enron (and others) got caught out like that.
I think the tax incentives for these oil companies should only be in effect when they're below a certain profit margin. And they'll hire a very expensive lawyer and accountant to ensure they get under or over or around any such scheme. No, it's not fair, it's not within the spirit of the game, but you would do exactly the same if you stood to lose $10bn.
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