One really has to wonder why any investor would ever sink a dime into France.
French President Emmanuel Macron said on Sunday the government would ask the fuel industry to sell at cost price and would grant 100 euros ($106.52) in aid to the poorest workers who drive to work, to stem the impact of inflation on households.
“The Prime Minister will bring together all the players in the sector this week and we will ask them to sell at cost price, that is to say that no one makes a margin,” Macron said in an interview with France’s TF1 and France 2 television stations.
What a great plan! Only a government could deliver that doozy of an idea with a straight face!
Wow, these leaders are brilliant! He must be taking a page out of terdea’s book…’we will tax you till you lower your prices’. Hugo Chavez would be so proud.
*whispers* it’s the inputs
Kind of reminds me of the $100 election bribe Prime Minister Jean Chrietien mailed out in time of some federal election back in the 90’s.
Meanwhile … here in CA … where everyone used to be rich … Gavin Newsom and the global warmist, Marxist PUC has allowed PG&E to charge 4x the market price for Nat gas. Why? Because the Marxist government wants to PUNISH everyone using the ordinarily cheap, plentiful, domestic Nat. Gas supply.
The EXTREMIST global warmists are going to CRUSH us all under the weight of their system of economic punishment. Energy poverty begets socialism. It’s Newsom’s plan … because he’s so much smarter than all of us.
Yes … the American colonists overthrew a repressive foreign government for less. Far less.
ZeroHedge lays it all out here, even refers to Trudeau and the “grocery CEOs” meeting:
https://www.zerohedge.com/personal-finance/governments-start-calling-price-controls-rationing-cbdcs-come-next
RNrn
That worked so well when Nixon tried it 55 years ago!
When the Turd in Ottawa hears of this he’ll be applying it to food in Canada.
Adios tomato, adios meat, adios cheddar, bread…
Heh Historical Cycles,the little Emperor is reincarnated as Marie Antoinette.
What a maroon to quote Bugs Bunny.
Naturally the “Oil Barons” will sell at “Cost”.
Input costs + cost of bureaucracy+ expected inflation costs+ future extra costs caused by govt + contingency=”Cost”
Just shut in all the wells and watch the guillotines come out.
Proof that politicians are some of the dumbest among us. Companies like Vermilion Energy (which I believe is the largest oil producer for France) is a publicly traded company. That means stock holders, investors etc. They can’t just “do their good deed for the day” at the expense of those that allow them to stay in business by investing in their operation. They’d get sued in a class action overnight.
I predict a fuel shortage in the near future for Monsieur Macron’s Gulag
It would be amusing if there were suddenly a severe shortage of Jet A fuel and The Hairdo wound up stuck at a Yellowknife fundraiser… and all the rental cars in town were EVs.
The entertainment potential would be yuge!
This is what fascism looks like.
Your friendly neighborhood government…
Trying to solve problems that they created.
Any wonder now that governments are hostile to the people that they are supposed to be serving?
I see a lack of appreciation of the French position.
France as part of the EU (indeed perhaps its most vociferous member) is not in theory able to do that. BUT its the French and the French do what the French do.
OH and lest we forget TOTAL while its listed on the French stock market its basically the French government, still operating in Russia and Iran and everywhere else because ha ha ha look who the mugs are and well, its the French!
So France screws up their economy by printing too much money and spending too much. Then they expect someone else to solve the misery they created. Is Macron Castro’s other son?
What a macaroon…
I just looked up the tax rate on one liter of petrol in France. They pay (on average) 68 cents per liter to the government. This is ridiculously high.
Any serious candidate to challenge Marcron should immediately be holding a press conference demanding that they put petrol taxes in a moratorium for the length of time that he was suggesting that fuel companies should operate at cost. 68 cents per liter would more than negate the inflationary increases over the last two years.
So, who in France has the marbles to shove it back in his face? Probably no one.