Australian Politics Forum - South Australia: massive oil reserves discovered

Swagman

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Re: South Australia: massive oil reserves discovered
Reply #45 - Jan 20^th, 2015 at 8:30am

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:29am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

So you agree we shouldn't hand it all over to the conglomerates and maximise the hell out of it? Ooh yay swampie no longer believes in trickle down!!

That is 'trickle down'. Huh

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John Smith

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Re: South Australia: massive oil reserves discovered
Reply #46 - Jan 20^th, 2015 at 8:34am

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

What needs to happen today is for nonstop documentaries about Norway being aired on South Australian tvs, showing how to really benefit from oil.

Or they can take the small trickle down approach swampie is suggesting.

You mean like the $104B sovereign wealth fund we have now courtesy of John Howard? I agree that much of the massive royalties from this should go to a sovereign wealth fund. I wonder if WA will be pushing for their GST reform if this all comes to fruition in the next 5 years?

104B? where'd that number come from? and how does it compare to norways future fund?

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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Prime Minister for Canyons Gold Member Offline Australian Politics Posts: 26906 Canberra Gender:	Re: South Australia: massive oil reserves discovered Reply #47 - Jan 20^th, 2015 at 8:36am I'm still waiting to see how big the field ACTUALLY is before popping my load.
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St George of the Garden Gold Member Offline http://tinyurl.com/n 3o8m2x Posts: 9809 Gender:	Re: South Australia: massive oil reserves discovered Reply #48 - Jan 20^th, 2015 at 8:54am It could contain no oil/gas or uneconomic amounts, etc. Better to bet the state on renewable energy—if the wind never blows and the sun never shines an oilfield that may be there will be the least of our worries.
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Rider

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Re: South Australia: massive oil reserves discovered
Reply #49 - Jan 20^th, 2015 at 8:59am

St George of the Garden wrote on Jan 20^th, 2015 at 8:54am:

It could contain no oil/gas or uneconomic amounts, etc.

Better to bet the state on renewable energy—if the wind never blows and the sun never shines an oilfield that may be there will be the least of our worries.

You forgot horses and small children climbing up wind towers to spin them around so a few light bulbs can glow briefly around the dung cooking fires....

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Swagman

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Re: South Australia: massive oil reserves discovered
Reply #50 - Jan 20^th, 2015 at 9:10am

St George of the Garden wrote on Jan 20^th, 2015 at 8:54am:

It could contain no oil/gas or uneconomic amounts, etc.

Better to bet the state on renewable energy—if the wind never blows and the sun never shines an oilfield that may be there will be the least of our worries.

All the more reasons why the Govt shouldn't steal vast proportions of the end rewards.

It's the share holders of the corporates that are taking the punt and risking their hard earned.

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Melanias purse

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Re: South Australia: massive oil reserves discovered
Reply #51 - Jan 20^th, 2015 at 9:16am

John Smith wrote on Jan 20^th, 2015 at 8:34am:

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

What needs to happen today is for nonstop documentaries about Norway being aired on South Australian tvs, showing how to really benefit from oil.

Or they can take the small trickle down approach swampie is suggesting.

You mean like the $104B sovereign wealth fund we have now courtesy of John Howard? I agree that much of the massive royalties from this should go to a sovereign wealth fund. I wonder if WA will be pushing for their GST reform if this all comes to fruition in the next 5 years?

104B? where'd that number come from?

It comes from the money federal employees put into their super fund. Longy explained it all the other day.

He's now changed the maths (language?) to a "sovereign wealth fund".

Not bad, eh?

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Sir Grappler Truth Teller OAM

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Re: South Australia: massive oil reserves discovered
Reply #52 - Jan 20^th, 2015 at 9:24am

Melanias purse wrote on Jan 20^th, 2015 at 9:16am:

John Smith wrote on Jan 20^th, 2015 at 8:34am:

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

What needs to happen today is for nonstop documentaries about Norway being aired on South Australian tvs, showing how to really benefit from oil.

Or they can take the small trickle down approach swampie is suggesting.

You mean like the $104B sovereign wealth fund we have now courtesy of John Howard? I agree that much of the massive royalties from this should go to a sovereign wealth fund. I wonder if WA will be pushing for their GST reform if this all comes to fruition in the next 5 years?

104B? where'd that number come from?

It comes from the money federal employees put into their super fund. Longy explained it all the other day.

He's now changed the maths (language?) to a "sovereign wealth fund".

Not bad, eh?

Is that the cash stored in the Caymans that is allegedly meant to cover the politician and public servant superannuation schemes - but at the drop of a government could suddenly become a slush fund for expatriate politicians fleeing the guillotine?

Hardly 'our' sovereign slush fund, is it?

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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
― John Adams

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philperth2010 Gold Member Offline Australian Politics Posts: 21097 Perth Gender:	Re: South Australia: massive oil reserves discovered Reply #53 - Jan 20^th, 2015 at 9:28am Using Longy's bow we can also claim there is a cure for cancer and life on Mars!!!
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longweekend58

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Re: South Australia: massive oil reserves discovered
Reply #54 - Jan 20^th, 2015 at 9:52am

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

it is worth noting that the high taxes Norway imposes has currently rendered their oil industry unprofitable. Oil may be inelastic but that is changing. the massive increases in the quantity of retrievable oil has sent prices down and made it a buyers market. you really CAN tax an oil industry away and we need to keep that in mind.

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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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longweekend58

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Re: South Australia: massive oil reserves discovered
Reply #55 - Jan 20^th, 2015 at 9:55am

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:20am:

longweekend58 wrote on Jan 20^th, 2015 at 8:18am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:13am:

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

What needs to happen today is for nonstop documentaries about Norway being aired on South Australian tvs, showing how to really benefit from oil.

Or they can take the small trickle down approach swampie is suggesting.

You mean like the $104B sovereign wealth fund we have now courtesy of John Howard? I agree that much of the massive royalties from this should go to a sovereign wealth fund. I wonder if WA will be pushing for their GST reform if this all comes to fruition in the next 5 years?

You mean he didn't squander it all? Ohhhh, how nice. A little left from the billions he gave away for no outcome.

A great leader indeed Grin

it formed part of the $230B that Howard saved. Now can you recall any other government saving at all, nevermind a quarter of a trillion dollars??

As you've said, it was our "greatest economic period" which Keating created.

Who else had such marvelous conditions? Fact is, for what he saved, he also squandered half of it via stupendous policies with no net benefit to this country.

and imagine if Labor had been in power. do you think we would have saved ANY? Imagine if Kevin Rudd has been PM. Do you think he would have had a surplus budget ir no debt? It is time to accept that howard did a good job. Could he have done a bit better? Hindsight would suggest so, but hindsight does tend to do that. IN hindsight is there a single Labor policy if the rudd/Gillard era that would still have occurred?

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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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John Smith Gold Member Offline Australian Politics Posts: 78311 Gender:	Re: South Australia: massive oil reserves discovered Reply #56 - Jan 20^th, 2015 at 9:56am longweekend58 wrote on Jan 20^th, 2015 at 9:52am: you really CAN tax an oil industry away and we need to keep that in mind. especially imaginary oil industries
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longweekend58

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Re: South Australia: massive oil reserves discovered
Reply #57 - Jan 20^th, 2015 at 9:56am

Sir Grappler Truth Teller OAM wrote on Jan 20^th, 2015 at 8:25am:

longweekend58 wrote on Jan 20^th, 2015 at 8:18am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:13am:

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

What needs to happen today is for nonstop documentaries about Norway being aired on South Australian tvs, showing how to really benefit from oil.

Or they can take the small trickle down approach swampie is suggesting.

You mean like the $104B sovereign wealth fund we have now courtesy of John Howard? I agree that much of the massive royalties from this should go to a sovereign wealth fund. I wonder if WA will be pushing for their GST reform if this all comes to fruition in the next 5 years?

You mean he didn't squander it all? Ohhhh, how nice. A little left from the billions he gave away for no outcome.

A great leader indeed Grin

it formed part of the $230B that Howard saved. Now can you recall any other government saving at all, nevermind a quarter of a trillion dollars??

You continue to mistake budget guesswork for the future and cooked books for solid cash in the bank.

Even at the alleged rate that 'Labor spent' - they could not dispose of $230bn in ready cash in such a short time and then run up huge losses - oh, sorry - that's budget deficits....

You got that totally wrong. it was ACTUAL $28B in cash reserves. the $96B debt was actually gone and the $80B in the future fund was there in hard cold cash.

no book-cooking at all.

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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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longweekend58

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Re: South Australia: massive oil reserves discovered
Reply #58 - Jan 20^th, 2015 at 9:57am

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:29am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

So you agree we shouldn't hand it all over to the conglomerates and maximise the hell out of it? Ooh yay swampie no longer believes in trickle down!!

we should hand it over to the newly formed SA state govt dept for Oil Exploration, Production and Distribution. They already have the billions in capital to invest, all the staff and equipment they need just sitting around waiting for the call.

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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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longweekend58

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Re: South Australia: massive oil reserves discovered
Reply #59 - Jan 20^th, 2015 at 9:58am

St George of the Garden wrote on Jan 20^th, 2015 at 8:30am:

The Fatuous Fund will just about cover the cost of correcting the mistake Lil Johhnie made selling Telstra as retail–wholesale monopoly. The structural Budget deficit made a cash deficit by the GFC more than covers whatever tiny savings Howard may have made.

A spendthrift is what Howard was as Treasurer and PM.

Actually the Future Fund is primarily to cover the massive mistake Keating made in refusing to cover future federal superannuation liabilities.

Read up and learn.

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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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