• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 16 mins Would bashing China solve all the problems of the United States
  • 3 hours Model 3 cheaper to buy than BMW 3 series.
  • 24 mins Thugs in Trumpistan
  • 5 hours China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 3 hours Pompeo's Hong Kong
  • 5 hours Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 16 mins China’s Oil Thirst Draws an Armada of Tankers
  • 3 hours Coronavirus hype biggest political hoax in history
  • 17 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 1 day COVID 19 May Be Less Deadly Than Flu Study Finds
  • 2 hours Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 16 hours Income report showing potential future spending and economic growth
  • 18 hours The CDC confirms remarkably low coronavirus death rate. Where is the media?
Stocks To Watch As Shale Bounces Back

Stocks To Watch As Shale Bounces Back

The United States shale patch…

New Thai Government to Scrap Country’s Oil Fund?

During a 1 July election rally, Pheu Thai party candidate Yingluck Shinawatra, expected to be first female Prime Minister when the Election Commission validates the recent poll’s results, said that her party would scrap the Oil Fund so that the prices of gasoline and diesel would immediately be reduced.
 
Yingluck said back then that the Fund tax levies would not be replaced, making the retail prices of premium gasoline and diesel much cheaper, The Nation Online reported.
 
After the Pheu Thai party won 265 of the 500 House seats in the 3 July polls, Yingluck told reporters four days later that the new government had no plans to abolish the Oil Fund, but instead would only temporarily suspend gasoline and diesel levies.
 
Thailand established the Oil Fund in March 1979 to ameliorate the impact of future global oil price increase on the Thai economy. When world oil prices rise, Oil Fund taxes collected earlier are used to minimize upward price adjustments.
 
Abolishing the Oil Fund would also mean that biofuel gasoline and biodiesel subsidies would also be affected, hampering the government's promotion of alternative energies. Subsidies for liquefied petroleum gas (LPG), heavily used for cooking and vehicles throughout the country, would also be affected.
 
Accordingly, some Pheu Thai party officials have suggested that royalties on oil and natural gas concessions, amounting to more than $1.33 billion annually could also be tapped to cover some of the loss of the Oil Fund energy subsidies and lessen their impact on the electorate.
 
By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News