Quenching the world’s growing thirst for oil

RS Sharma
Posted: 2008-05-06 22:03:17+05:30 IST
Updated: May 06, 2008 at 2203 hrs IST

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ONGC favours windfall profit tax

of heavy fiscal terms on oil investments in the form of higher taxes are also cited as factors leading to higher oil prices.

Further, high prices are needed to support the development of new oil supplies through greenfield projects. The huge upswing in the overall commodities market and entry of speculators are other non-fundamental factors attributed to driving up oil prices.

(To be concluded)

The writer is chairman & managing director, ONGC...

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