An Oil Boom in Switzerland, A Country With No Oil
ZUG, Switzerland, March 12 (Reuters) - The tidy towns and mountain vistas of Switzerland are an unlikely setting for an oil boom. Yet a wave of energy companies has in the last few months announced plans to move to Switzerland -- mainly for its appeal as a low-tax corporate domicile that looks relatively likely to stay out of reach of Barack Obama's tax-seeking administration.
Over the past six months companies including offshore drilling contractors Noble Corp (NYSE:RE) and Transocean (NYSE: RIG), energy-focused engineering group Foster Wheeler (NASDAQ: FWLT) and oilfield services company Weatherfield International have all announced plans to shift domicile to Switzerland.
4 Comments:
"mainly for its appeal as a low-tax corporate domicile that looks relatively likely to stay out of reach of Barack Obama's tax-seeking administration"...
Hmmm, reminds me of the IBD editorial from March of '07: Hil Vs. HAL
Democrats gleefully demonize oil companies, outlaw offshore drilling and, in Hillary Clinton's case, vow to expropriate profits. In that kind of climate, why the surprise that Halliburton is moving to Dubai?
Let's not forget that the oil companies hear the footsteps of the SUPREME GORON and his quasi commie ilk...
It's easy to vilify oil companies and OPEC for last year's price jack; the reality is it was due to greedy speculation, not OPEC or Exxon Mobil.
Some of the big finds being discovered are mammoth offshore oil fields; and though I consider myself somewhat of a "tax and spend" liberal, these finds will be expensive to develop, and will require much technical expertise. Perhaps its best we watch how much we tax these companies that fuel our cars.
Amazing the magic of capitalism, also known as: free people. Only with freedom from complicated and high taxes can an oil boom erupt in an oil-less nation!
Jack the taxes, and people beat feet. Nothing new there. It's been the SOP of wealth since the dawn of time.
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