Algeria increases the price of oil

The Algerian Parliament has decided to increase Algeria’s share of oil production revenues by placing an “excess” profits tax on oil shipments whenever oil prices exceed $30.00 per barrel. Algeria, one of Africa’s largest oil and natural gas exporters, will levy the new tax starting in 2007. Depending on total output, the excess profits tax will range from 5% to 50% on the Algerian profits of foreign companies, including Shell, BP, Anadarko Petroleum and Hess Corporation.

If we take a holistic approach to the study of oil depletion, this trend is simply another confirmation we are approaching “Peak Oil”. Greed – always a driver of producer nation policy – has now been unfettered by a recognition that oil supplies are both limited and finite.
Energy Bulletin