Friday, February 01, 2008

Well done Shell

Record profits should be cheered instead of having to defend yourselves:

Royal Dutch Shell has been forced onto the defensive after its announcement of record profits sparked calls for a windfall tax and complaints from motorists about soaring pump prices.

I just hope my pension fund managers were as far sighted as your managers have been and have invested in you shares.

As for those calling for another windfall tax, lets get the rope out. They really don't understand the problems in making the long term investment risks that these companies have to make in order to explore and extract the oil. So once in a while events conspire to give them a good time that is no reason to make up capricious taxes. Unless of course you are prepared to contribute to their losses if events conspire against them. Somehow I don't think that will happen.

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