So, who else is saying to do the same thing??
Venezuela moved Tuesday to take a greater cut of windfall oil profits, approving a 50% tax on foreign oil companies when crude tops US$70 a barrel.
Notice that this benchmark has already happened. Notice that its own (nationalized) oil company will not be subject to this.
The tax rate would rise to 60% when the average monthly price for benchmark Brent crude exceeds US$100,
Notice that this benchmark has been breached as well (today was around $112/barrell).
according to the bill approved by Venezuela's National Assembly. The legislation will take effect as soon as it is published in the official gazette.
Revenues from the tax could reach US$9 billion annually, Oil Minister Rafael Ramirez said after meeting with lawmakers.
Now, who does that sound like?"That's why, for the executive branch, it is urgent to create this law," Ramirez said.
Yo, the Democrats in Congress! Nice going, following the lead of the world's leading Socialist (who is economically driving his country into the ground).
Doesn't that ever give you food for thought?
