Wednesday
Mar092016
by 
Bishop Hill
Bishop Hill Developing a consistent message
Mar 9, 2016 Economics Energy: oil ;)
PwC was among the businesses who signed the World Bank’s call to governments and business leaders to support putting a price on carbon.
A prominent firm of accountants, September 2014
A tax cut on North Sea firms would rescue the UK's oil and gas sector and safeguard future revenues for the Treasury, PwC has claimed.
The same firm of accountants, 18 months later
Reader Comments (26)
But you don’t understand. Because of the perverted way they calculate "subsidies" an across the board tax cut for the oil industry actually cuts the calculated level of "subsidy" they get*. This means that what PwC is actually calling for is a reduction in subsidy which is consistent with a tax on carbon.
* When George Osborne reduced the Supplementary Charge (SC) from 30% to 20% this had the effect of reducing the calculated level of subsidy since some oil fields had a reduced level of SC
They are actually consistent if the price on carbon is negative :)
It seems that while the branch holds strong, it's fun to take a saw to our support but now it's making worrying creaking noises, they suddenly get nervous.
One of the accusations aimed at Exxon is that they didn't warn their investors that action on CO2 would reduce company profits. Their investors might have a reason to complain about them not forseeing the plunging oil price but a lack of demand due to acting on CO2 isn't one of them.
Off topic, but regarding UK energy 'policy':
http://www.telegraph.co.uk/business/2016/03/08/a-ruinous-price-will-be-paid-for-britains-scandalous-failure-in/
The message is consistent and here it is: " We are here to milk the system"
Keith L, yes agreed. They change the advice they give to match the most profitable strategy.
Their expertise indicates that Green BlobWash is soon to be flushed away.
There's money to be had in carbon accounting.
@DaveS: "There's taxpayers' money to be had in carbon accounting!"
Off topic, but a huge larf!!
http://www.theguardian.com/environment/2016/mar/03/uea-abandons-ambitious-biomass-scheme
Mar 9, 2016 at 2:33 PM | Unregistered CommenterCharlie
They did not rest on their laurels. :)
Another proposed scheme looks to have closed with debts.
https://notalotofpeopleknowthat.wordpress.com/2016/03/03/batter-late-than-never/
http://www.breitbart.com/video/2016/03/09/huffpos-grim-54-private-jets-at-meeting-to-stop-trump/
Was Leo with them
I don't blame them for not foreseeing a slump in oil and gas prices.
And these morons get loadsa money for simply "following the herd".
Where's the analysis?
But, as Tim Worstall keeps explaining, a real carbon tax would actually mean reducing existing taxes, fuel duties and escalators.
We are paying more for the externalities than we should,acording to Stern and the IPCC. Is that so hard to understand?
Diogenes:
I have always found Stern's reasoning hard to follow.
Graeme No.3, it is easier to understand where Stern is going, if you follow the money.
Don K, 7.50pm:
Naturally; the herd creators rely on the morons following them in order to establish a herd, therefore, the morons have to be rewarded, but not as much as their leaders are pocketing.
Accountants, eh? Putting their mouths where the money is as always.
Sunni Saudi Arabia and Shia Iran over producing to bankrupt each other. Putin cutting the price of gas to bankrupt NATO.
Logical trying to impose a moratorium on burning Fossil Fuels in the middle of an oil glut.
Meanwhile back in England 99.7 pence for a litre of unleaded at Sainsburys with Tesco's and Asda hot on the trail.
The hardest working job in retail every manager of a petrol station having to keep changing the price sign every couple of hours.
At this rate it will be cheaper for every house hold in Britain to run a long lead down their drive way connected to the car battery whilst ticking over to power their homes than build Hinkley Point.
While we're mentioning World Bank schemes, I can thoroughly recommend the BH link to the Hayek Lecture [at the top right] "The Tyranny of Experts". William Easterly describes very well some the bad consequences of the do-gooders grand schemes to 'help' the world, whether the people 'helped' like it or not.
One amusing anecdote he reports, after describing the World Bank as liking to think of itself as "The World's Knowledge Bank", is the statistic reported by a World Bank researcher:
Perhaps it is actually a good thing that so few of their schemes see the light of day.
I watched William Easterly's Hayek lecture yesterday, so can second Michael Hart's recommendation. I am still incensed that 20,000 Ugandan farmers were evicted from their land at gun-point, so that a World Bank forestry scheme could go ahead.
@ Charlie
"Off topic, but a huge larf!!
http://www.theguardian.com/environment/2016/mar/03/uea-abandons-ambitious-biomass-scheme
Mar 9, 2016 at 2:33 PM | Charlie"
Thank you Thank you Thank you.
Made my day!!!
Loks like PwC hired has Delingpole as a consultant :
http://vvattsupwiththat.blogspot.com/2016/01/hypocrisy-watch-ill-men-write-lives.html
Once upon a time PWC was a good company with impressive bean counters and auditors.
PWC is now a dismal company staffed by nitwits.
Oh, lordy. Russell comes here again just to make a link to himself elsewhere with his blog named after someone else's blog. WVWRussselll, can you spell tvvat?