The policy choices driving high oil and gas prices- oil prices

Such policies will lead to tighter oil supplies as ExxonMobil and other majors stop deploying their technology, know-how and capital in some of those countries, he said. Instead, “it is an issue of whether or not the investment dollars, technology and the know-how to develop those resources in an efficient and reliable way…is going to be brought to bear on those resources”, he argued. Brown’s response to rising oil prices was a big hike in taxation on North Sea oil. This makes a small contribution to world supplies but makes our economy far more vulnerable to rising prices for oil and gas. read more

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