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Ryan Bridge: A billion-dollar Gamble on oil · Early Edition with Ryan Bridge

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  Speaker 1: New Zealand first wants to spend a billion bucks looking
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  Speaker 1: for oil and gas fields to make our country rich again,
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  Speaker 1: well richer bit more like the place that our kids
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  Speaker 1: are going to earn a living at the moment Australia,
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  Speaker 1: who've pulled in a whopping four hundred and thirty billion
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  Speaker 1: dollars in mining royalties billion over the past decade alone.
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  Speaker 1: That's a half a trillion dollars in ten years justin royalties,
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  Speaker 1: not including tax. They want to be a bit more
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  Speaker 1: like Norway, where per person GDP is one hundred and
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  Speaker 1: fifty thousand dollars per person, one of the highest in
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  Speaker 1: the world. Ours is eighty five thousand per person. The Norwegians,
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  Speaker 1: of course, got a big boost from oil in the
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  Speaker 1: sixties and beyond. They've got a two trillion dollar wealth
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  Speaker 1: fund which pays for the stuff the Greens and labor
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  Speaker 1: here could only dream of. And herein lies one of
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  Speaker 1: the two big problems we have in this country. The
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  Speaker 1: first one is not that we don't want more children
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  Speaker 1: out of poverty, or a generous welfare state or universal pensions.
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  Speaker 1: The problem is how you pay for them. Debt is
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  Speaker 1: a downward spiral, but it's how we've been operating here
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  Speaker 1: since twenty nineteen. That's the last time the books were
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  Speaker 1: actually balanced in New Zealand. So there is logic in
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  Speaker 1: dragging oil and gas up out of the ocean to
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  Speaker 1: pay for stuff, especially as the rest of the world,
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  Speaker 1: including the US, is doing this anyway, Which brings us
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  Speaker 1: to the second problem with this issue and Winston's plans
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  Speaker 1: for it, And that's the opposition. Of course, what's the
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  Speaker 1: point in US spending a billion bucks to look for
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  Speaker 1: the oil if the next government won't let anybody drill
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  Speaker 1: for it. The only way this makes sense is if
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  Speaker 1: you get big parties to agree with each other. We
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  Speaker 1: actually need this stuff, We need another feather in our
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  Speaker 1: bow economically speaking. Right now, Andy Burnham apparently is having
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  Speaker 1: this very debate with his top advisors, including Mike Munro,
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  Speaker 1: who worked for Disinder Adern. The British press there reporting
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  Speaker 1: that Burnham is about to announce plans for new oil
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  Speaker 1: and gas drilling in the North Sea. Remember labor, they're bandit.
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  Speaker 1: Burnham's a union guy, a worker guy, a more common
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  Speaker 1: sense guy, so they say, and therefore is about to
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  Speaker 1: turn the black tap back on Chris Hipkins in New
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  Speaker 1: Zealand is not that guy for the New Zealand Labor Party,
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  Speaker 1: and until the opposition puts down its giant no sign,
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  Speaker 1: then spending a billion bucks looking for oil is pretty
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  Speaker 1: much throwing money down the duney at this point. For
• 2:19
  Speaker 1: more from Early Edition with Ryan Bridge, listen live to
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• 2:25
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