Monday, 15 October 2012

Striking oil on election eve

Haven't we heard all  before?  Now read it again!

Times report 15.10.2012 on oil off Malta

I can only repeat what I said before:  be careful what you wish for.

Unless we find oil in extra abundant quantities, its discovery could displace rather than increase economic activity.   It could induce us in a state of mind to get rich quick, forcing us to lose the urge to innovate and restructure.  In a few years' time we would find ourselves worse off as increased costs would make us uncompetitive in manufacturing and tourism and the oil illusion would have vanished.

No oil please, we are Maltese.

No comments:

Post a Comment