KILKAYTAY EVERY STONE! An undevout look at mainly Trinidad and Tobago current affairs.

Trinidad and Tobago: home of crab and callalloo, roti, bake and shark, Drs. Eric Williams and Rudranath Capildeo, steelband, Carnival, calypso, chutney, Midnight Robber, Peter Minshall, Sundar Popo, Soca Warriors, Brian Lara, Learie Constantine, Hasley Crawford, Marc Burns, Richard Thompson, Yannic Cariah, Mighty Sparrow, Quickit, Ato Boldon, Buccoo Reef, Maracas Bay, La Brea Pitch Lake, Asa Wright Nature Centre, UNC, COP and PNM! So much talent...unable to master true 20/20 vision.

Tuesday, 29 April 2008

Time for review of petroleum tax régime.

Since March 2000, when oil was priced at U$28/barrel, the price of a barrel of oil has increased four hundredfold. Today, it hovers at around U$118/barrel. As a result, during the period, oil companies have been making humongous profits. That scenario seems well-set to continue into the foreseeable future, encouraged, in great part, by falling output from some major international oilfields.

http://www.horizonenergycorp.com/oilwell.gif

In view of this and, seeing that they made us kow-tow to them when oil prices were low, isn't it time for us to review, to our benefit, the overly-generous tax concessions oil companies have been given and are still enjoying, especially over their exploration activities?