13/03/2016

“Economical Madness”

The European economy continues to face adverse economic ,however  there is a European nation were these adverse economic conditions are immediately passed to the public in this case motorist .
Portugal continues to have one of the world’s most expensive final consumer prices for fuel (petrol) per liter, the prices are largely inflated by the now parliament elected government, in the last weeks gasoline price have increased by over 14 cents per liter…

The common citizen in Portugal faces once more a huge  increase in taxes as part of the 2016 State budget  presented to the European parliament, these measures imply increase in taxes to the stamp duty, tax on oil products and tobacco tax.    
The political action taken by the new parliament elected government will downgrade the Portuguese economy to new levels of “economical madness”
The public servants will see the working hours reduced to 35h a week!!! While the public sector will continue 40h a week.. Four Public holidays removed during the Troika control have now been reinstated, according to local news tax fraud and evasion by big economical groups will continue.


Discretionary measures in public administrations, the Executive expects an  impact of 0.21% of GDP at the level of indirect taxes, which is about 155 million more that will breach the Treasury in 2016., this shows in fact that no real measures have been taken to reduce the burden the state has on the economy.

NO FREEZE DEAL




Oil prices have not passed their lowest point as shrinking supplies outside OPEC and disruptions inside the group will not the erode global surplus, the International Energy Agency said.

Production outside the Organization of Petroleum Exporting Countries will increase by 450,000 barrels a day this year, or 70,000 barrels a day more than estimated last month, the agency said. Markets are also being supported by output losses in Iraq and Nigeria, and as Iran restores production to a faster pace than planned following the end of international sanctions.

Oil shale crude In the middle of all this market crises..some "Did you know".. Oil shale crude is actually composed of kero...