On Saturday morning Nigel Farage bumped into TEBAF Margot Wallstrom on his way to a TV studio. He asked her,
"So how are you going to ignore this result Margot".Not thinking that she could be so economically illiterate to do such a thing he ignored her. But wait, what is this that arrives in my inbox this morning.
She scowled and then said,
"We shall fix fuel prices".
Written declaration on fixing fuel prices
The European Parliament,
– having regard to Rule 116 of its Rules of Procedure,
A. Whereas we are witnessing an unprecedented rise in fuel prices, and this scandalous surge is having a devastating effect on economic activity in various sectors: transport and other services, industry, agriculture and fisheries,
B. Whereas in Portugal, the major oil companies in the first quarter of this year, vis-à-vis the first quarter of 2007, made net profits of 22.9% (GALP), and consolidated profits of 36.5% (REPSOL) and 63.4% (BP), which were fundamentally the result of practising speculative pricing, as a result of the speculative valuation of oil stocks
bought at lower prices,
1. Calls for the establishment of a tax, for each Member State, to be levied exclusively on these profits so as to bring them back into the coffers of the Member State. This tax should be paid within 60 days after the end of each quarter, with the value and scope of the levy depending on the readiness of the oil companies to reduce their speculative gains thanks to the 'stock effect';
2. The revenue generated by this tax should be returned on a proportional basis to the various economic sectors in each Member State;
3. Instructs its President to forward this declaration, together with the names of the signatories, to the Council, Commission, and Parliaments of the Member States.
Oh God... they really are that stupid.