BP CEO Calls for Lower Tariffs and Taxes
BP PLC Chief executive Tony Hayward told an oil and gas conference in Malaysia that governments should lower trade barriers and cut taxes for the industry to boost production and help stabilize global oil prices.
Hayward says the world is not short of petroleum resources, but high operating costs, rising taxes and lack of access are hampering investment in new production.
“The taxes that governments take from the oil and gas industry have continued to increase across the world,” said Hayward. “I believe this is unsustainable and counterproductive. All it means is that we have less money to invest in new production,” he said.
He also thinks government subsidies to shield consumers from rising oil prices cannot be maintained, strain public finances and discourage fuel efficiency.
