[mintdollar]

Oil industry after Record Profits want tax breaks
Oil industry lobbyists have met Ed Miliband, the Energy Secretary, to alert the Government to the likelihood of a sharp fall in North Sea investment this year because of the collapse in the oil price and a lack of funding from banks for offshore projects.
http://votetags.info/2009/02/oil-indust ... ax-breaks/

[Maddog78]

Not outrageous to me but I'm biased.
The North Sea will be dead otherwise.
Only small fields left and if the UK wants any kind of industry to survive out there, it ain't going to happen with these oil prices.
Aberdeen will go back to being a small fishing village. Oops, there are no fish left in the North Sea either.

[AAA]

I support the tax breaks. In fact I support corporate tax breaks for every industry especially in the US.

I have some friends that work for an oil company that netted roughly $200 million last year.

This year the CFO said if prices don't exceed $60/barrel then the company will NOT be profitable.

The reason is the owners are not cutting back on drilling this year. They believe demand will begin to pick up in the next couple of years and want to have more production when that happens.

Their average cost to produce a well averages less than $8/barrel because much of production is from old leases that have been HBP for a couple decades. So if they stopped drilling today they would still make money if oil dropped to $9/barrel.