EarthQuakes Force Netherlands To Shut-Off Biggest Gas Field

[Economy 52,842]

https://oilprice.com/Energy/Natural-Gas/Europes-Biggest-Gas-Field-To-Close-Over-Quake-Risk.html

 

Increasing earthquakes over the years have forced the Government of Netherlands to conclude that their largest Natural Gas Field must be shut off as a matter of safety

 

The massive gas field that has been tapped for decades currently produces nearly 98% of Netherlands consumption plus some exports and as a result it cannot be fully shut off at once

 

The starting soon production will gradually be reduced as new powerplants are constructed to compensate for reduced natural gas

 

The goal date of complete shutdown is 2030

[Economy 52,842]

@Luc did u tell ur government to do this? 

[DutchHooker 8,600]

I am devastated, we earned so much money from that gas.. 
Now we have to scrimp on other parts in our budget like education, because of Groningen..

Now we also have to import more gas from other country's..

[Economy 52,842]

19 minutes ago, DutchHooker said:

I am devastated, we earned so much money from that gas.. 
Now we have to scrimp on other parts in our budget like education, because of Groningen..

Now we also have to import more gas from other country's..

Helping the environmental damage of anything unfortunately often causes deep economic damage

 

Here in Canada we have the world's 3rd largest oil reserves but the population is very against pipelines especially in the Province of British Columbia (and that's the Province with the west coast we need to access sea ports)

 

For  years one pipeline after the other gets delayed due to legal challenges until companies get fed up and just cancel and build pipelines in the US instead

 

As a result due to lack of Capacity our Oil is landlocked and companies must take what they can get for their oil because they are lucky if they can ship at all... Others resort to expensive shipments by train which congests other goods that are now behind in shipments like grain and conola oil

 

As a result... Globally oil is at $60/barrel but Canada's benchmark is at $35/barrel 

 

People complain we are back in budget deficits and Oil Companies should pay more taxes but then they block every means they have of making money

 

[RAMROD 117,007]

Wait, there’s Earthquake in Netherlands?

I thought most EU are not susceptible to that, guess not!  

 

edit: it is more hazardous than I think

 

http://www.geographical.co.uk/places/mapping/item/2125-danger-zones-mapping-europe-s-earthquakes

[Luc 4,776]

On 2-4-2018 at 1:30 AM, Economy said:

@Luc did u tell ur government to do this? 

 I didn't but these people did:

 

Most money has already been made anyways. Too bad it hasn't gone to the relatively poor Groningen. It should not be a surprise that rural Groningen is a left-wing and in past even communist stronghold. What was said above about the 2 billion cut requiring cuts in other fields is not true, we could also just revert the tax cuts on foreign dividends and big companies to make up for it

 

[Economy 52,842]

15 hours ago, Luc said:

 I didn't but these people did:

 

Most money has already been made anyways. Too bad it hasn't gone to the relatively poor Groningen. It should not be a surprise that rural Groningen is a left-wing and in past even communist stronghold. What was said above about the 2 billion cut requiring cuts in other fields is not true, we could also just revert the tax cuts on foreign dividends and big companies to make up for it

 

How big would the tax on big companies have to be? Cuz that can be harmful too

[Luc 4,776]

On 23-4-2018 at 8:55 PM, Economy said:

How big would the tax on big companies have to be? Cuz that can be harmful too

We had a dividend tax like every country does. Yearly profita around €1.4 billion, but they're going to abolish that tax not a good plan imo. 

[Magneto 13,546]

On 2-4-2018 at 1:40 AM, DutchHooker said:

I am devastated, we earned so much money from that gas.. 
Now we have to scrimp on other parts in our budget like education, because of Groningen..

Now we also have to import more gas from other country's..

Are you for real?!

Also, @Economy it's The Netherlands, but thanks for covering this issue. I live in this area and it's a very hard issue both politically and economically 

[Economy 52,842]

7 hours ago, Luc said:

We had a dividend tax like every country does. Yearly profita around €1.4 billion, but they're going to abolish that tax not a good plan imo. 

Oh I see...

 

Here in Canada I think our dividend and capital gains tax is efficient

 

50% of your earnings are tax free but the other 50% counts as income and the taxes your pay on it depends on your income bracket. So the average joe making $50,000 a year will only pay an effective tax on dividends of like 10% or so but a high income earner might pay almost 20% on it

 

Also gains on the the tax free savings account don't count towards taxes and since there's a yearly contribution limit on the account, average people can make money tax free but those with tones of money would only be able to take a small fraction tax free

[Economy 52,842]

7 hours ago, Magneto said:

Are you for real?!

Also, @Economy it's The Netherlands, but thanks for covering this issue. I live in this area and it's a very hard issue both politically and economically 

We have a somewhat similar issue in Canada tho it isn't shutting down a specific field

 

We have the world's 3rd largest Proven Oil reserves and that's not counting large shale reserves up north that we haven't bothered to explore in detail yet and so they don't count towards our proven reserves as of right now

 

But we can't build pipelines to increase capacity quickly because many are against it and the Province of BC for example has successfully blocked every major project for pipelines despite Federal Approval

 

Problem is reduced investment by companies here is money moved to invest in US shale and in the US their environmental standards are lower