NZ Should Not Focus on Oil

September 19, 2012 New Zealand Taxation

Your Friend the Offshore Oil RigThe Green Party is voicing its opposition to the oil industry in New Zealand, saying that the government does not take enough taxes from to justify the environmental risks associated with gas extraction.

One day prior to the New Zealand Petroleum Summit 2012 on September 19th the Green Party of New Zealand published a new press release to decry the government’s strategy of facilitating large-scale oil and gas extraction operations in New Zealand.

The Green Party explained its opposition to oil and gas extraction, saying that “…we [New Zealand] receive hardly any royalties, hardly any taxes, and hardly any jobs for the considerable environmental risk posed by oil and gas exploration promoted by the National Government.”

In the newly published press release the Green Party also objected to the government encouraging oil extraction as “… many of the oil and gas companies are foreign owned, which means profits flow offshore, and New Zealand sells ourselves cheaply with the fourth lowest government take (which is combined taxes and royalties) for oil in the world.”

Instead of supporting the oil industry, the Green party proposed that the government should focus on backing the national manufacturing sector and expanding New Zealand’s clean technologies industry.

Photo by riddle