Why The Windfall Oil Tax Will Backfire Badly
Peak Prosperity
Chris Martenson
4.7 • 591 Ratings
🗓️ 22 November 2022
⏱️ 34 minutes
🧾️ Download transcript
Summary
Those greedy oil companies! Time to tax them good and hard! The only problem with this view is it is so short-sighted and unsophisticated it will actually produce the exact opposite of what it (supposedly) intends. So, get ready for a future of lower oil supplies and higher prices along with related economic harms that will land most on the poor.
Transcript
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| 0:00.0 | If the political leadership of the UK, the United States, other places pass a windfall tax on oil companies, |
| 0:07.1 | we will be facing futures of severe distress and death. |
| 0:12.2 | I got to explain this all to you. |
| 0:13.6 | Listen, this is a very serious situation. |
| 0:15.7 | My larger view is this. |
| 0:17.8 | The people who are currently running the system, they have a lot of motivations, they |
| 0:23.6 | have a lot of interest, but they don't have a lot of context and I think they're really |
| 0:27.2 | messing with something they don't understand. The energy system is everything. As I am fond of saying, |
| 0:32.6 | energy is the master resource. If you have energy, lots of other things are possible. Without energy, |
| 0:39.7 | things are not as possible. This is something Europe is going to experiment with, struggle with |
| 0:44.5 | here in the winter of 2022, coming into 2023. But it could get a lot worse. And here's how it |
| 0:51.5 | could get a lot worse. We're going to turn now to this idea, |
| 1:00.6 | do we really have greedy oil companies? That's a very popular misconception that's out there right now amongst, well, a lot of people who've been marketed to. They've been told that. Maybe they heard |
| 1:06.0 | it on TV. Listen, as you know, context is everything. So I'm coming here to you with news information you can't afford to live without early as always. So I got to get this to you now before it goes too much further. So here's a question from a subscriber. This is from Earthiest. Earthiest is a peak insider. It's a level of subscription at our website, Peak Prosperity, asking Chris or anyone, |
| 1:29.1 | could you provide me with a few bullet points and or graphs on why low supply slash high |
| 1:34.8 | prices isn't the fault of oil companies who are holding leases and not drilling just so they can |
| 1:40.9 | make record profits, end quote. So here's the idea. |
| 1:45.4 | There's this story out there that oil companies, they have leases, they have places. |
| 1:49.3 | They could just go get more oil, but they're not. |
| 1:52.0 | And they're doing that on purpose to hold oil prices high to gouge you, the consumer. |
| 1:57.8 | That's not what's happening, and I'm going to show you why that's the case. |
| 2:01.4 | So let's go there. First, this is kind of how the story is getting spun in the UK. |
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