The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Giordano Bruno who wrote (120515)	5/4/2008 8:22:54 AM
From: DebtBomb	Read Replies (1) of 306849

Russia Will Raise Oil Export Tax by 17% to Record May 4 (Bloomberg) -- Russia will increase its crude export tax by 17 percent to a record on June 1, after oil prices rose in March and April. The tax will be set at $398.10 a metric ton, the seventh consecutive increase, Alexander Sakovich, deputy head of the Finance Ministry's customs department, said by telephone in Moscow today. The current duty is $340.10 a ton, or $46.40 a barrel. Russia revises its export taxes on crude and oil products every two months based on the previous two-month average price for Urals, the country's benchmark export blend. That stood at a record $102.76 a barrel in the period, Sakovich said. Oil prices have risen 68 percent since the same time last year. ``The government is addicted to high oil revenues,'' said Michael Teagarden, a sales trader at UBS AG in Moscow. ``Russia needs to wean itself from this windfall and encourage producers to spend the money developing new fields.'' bloomberg.com

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