Yesterday economic development minster Steven Joyce showed that he doesn’t understand economics. Which must make his job a little difficult. Well, either he doesn’t understand economics, or he’s rather ham-fistedly trying to misrepresent the oil industry’s economic worth.
He trotted out a report yesterday which ignored capital costs, and also ignored the external costs associated with pollution. And, even then, it still showed that exports of oil and coal are on the slide and fossil fuels are no longer profitable.
But still, despite all Joyce’s efforts to misrepresent the figures, the fossil fuel industry still looks like peanuts compared to the clean energy sector that this country could have.
Almost 30,000 jobs could be created in areas such as the geothermal and bioe... Read more >