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Thursday, April 03, 2008


Windfall profits tax

While the U.S. Congress is holding hearings yet again, scoring points at the expense of oil company executives while doing nothing, somebody's actually doing something about it:
Venezuela is planning a windfall tax on what it calls "excessive" profits of energy firms to allow state revenues to benefit from high oil prices.

The tax will take 50% of oil revenues above $70 per barrel, and an additional 60% of revenues over $100 per barrel, legislator Angel Rodriguez said.

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