|Higher Taxes Crush Norwegian Oil Industry|
|by Tom McGregor||Mon, Jun 16, 2014, 09:15 PM|
Norway had been enjoying a robust economy, due to its booming oil & gas industry. However, the Norwegian government implemented new tax hikes and now energy invstors are fleeing the country in droves.
According to the Houston Chronicle, "Oil and gas companies operating in Norway, western Europe’s biggest producer, predict investments will plunge 21 percent next year amid rising costs and increased political interference over offshore developments."
Regulators in Norway imposed tougher restrictions on oil & gas companies as well.
As reported by the Houston Chronicle, "Spending is forecast to drop to 182.4 billion kroner ($30.4 billion) from a record 231.7 billion kroner in 2014, Statistics Norway said today, citing a quarterly survey of producers. That would be the first drop since 2010."
Proof yet again that "government is not the solution" to building a booming economy.
To read the entire article from the Houston Chronicle, link here:
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