Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-03-07-Speech-1-108"
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"en.20050307.13.1-108"2
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".
Mr President, in this debate I am only too happy to declare an interest in shareholdings in several oil and gas companies. Profits are good, as a measure of the success of enterprises and as a means of investment in the future in research and development and replacement capacity.
Higher oil prices make more money for governments, not oil companies, as tax is the biggest component in road fuel costs to the consumer. So perhaps this question should be addressed to the Member States instead.
We should beware of directing investment and interfering in companies’ decisions on investment. Governments and public bodies are not very successful at picking winners. I wonder whether those who seek to tell companies what to do with their profits would be as quick to offer to share losses in the future. This is knocking on an open door, because the companies are already investing very substantial sums in alternative and successor technologies in researching a whole range of different technologies. They are doing it for obvious supply and commercial reasons. When oil and gas run out, these companies want to be supplying alternative and successor fuels. Shell and BP are investing huge sums of money in photovoltaics and wind and a whole range of synthetic fuel technologies. Perhaps colleagues should take comfort from the Labour minister who says that windfall taxes are not on the agenda. They are not a sound way of proceeding. Let market mechanisms be the way to encourage renewable and alternative sources of energy."@en1
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"Chichester,"1
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