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Tuesday 2nd December 2008 Make us your HOME PAGE  What is RSS?

UK NEWS

RECORD SHELL PROFITS SPARK TAX CALL

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Unite leader Tony Woodley said Shell shareholders are doing very nicely

Thursday January 31,2008

By Nicola McCafferty for express.co.uk

Calls for a windfall tax on oil companies have been reignited after Royal Dutch Shell posted record UK company profits of almost £14 billion.

The Unite union said profits in the industry were "obscene" and urged the Government to take action, especially because of rising energy prices.

Royal Dutch Shell reported a surplus of 27.6 billion US dollars (£13.9bn) in 2007, equivalent to £1.5 million an hour and 9% higher than a year ago.

It benefited from rising crude oil prices of more than 90 US dollars, a factor which also left motorists with average petrol costs of more than £1 a litre.

Unite joint general secretary Tony Woodley said: "Shell shareholders are doing very nicely whilst the rest of us, the stakeholders, are paying the price and struggling.

He added: "This Government took the brave step of putting a windfall tax on the greedy privatised utilities to fund the New Deal. With pensions injustices still to be addressed, fortune should favour the brave again and the greedy oil companies should be asked to contribute for the common good."

Shell rejected the windfall tax calls, arguing that the profits figure is almost matched by the amount of money it spends on securing new energy sources. Most of its haul comes from exploration and production, rather than UK forecourts.

Chief executive Jeroen van der Veer said: "If you get additional taxation, in the end it means you can invest less. The money has to come from somewhere and over time it will impact on our production."

The oil firms, including Shell, insist they already pay high levels of tax to the Treasury. In 2005, Chancellor Gordon Brown increased a North Sea tax on energy companies from the 10% he introduced in 2002 to 20%.

Independent charity the RAC Foundation said anger over rising petrol costs needed to be directed towards the Government, adding that a flexible fuel duty would compensate for varying crude prices.


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DIESEL

31.01.08, 9:09pm

What I cannot work out is, why in this country we pay more for diesel than petrol, when diesel is more crude and costs less to manufacture? No other country in the world pays more for diesel. In fact most countries diesel is half the price of petrol.

I feel great pity for all those poor sods who were conned into buying oil burners in the 80s and 90s when they were told they would be more economical. The next con will be gas. They will wait until more motorists are gullible enough to convert to gas and then, increase the price several fold.

• Posted by: ZeigfreidReport Comment

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WELL SAID IVOR

31.01.08, 4:55pm

So lets have a blockade, and this time all the whinging whining motorists should get off their arses and make it work. You don't see the French sitting back and getting walked on, so why the f**k should we?????????????

• Posted by: snaredrumReport Comment

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WINDFALL TAX ON SHELL? NO!!!

31.01.08, 4:19pm

What an oscene idea, the government getting even more out of a gallon of petrol. No, the money should be going to US - the poor b*strds paying £1.10 a litre for something that should be 67p per.

• Posted by: IvorReport Comment

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DONT BLAME SHELL.....

31.01.08, 11:24am

I wish I was a shareholder (hell I wish I could afford shares in anything).

The real proffiteer on fuel prices is this crap government, with its inflated taxes. Greedy globalist B@stards.....

If only the government ran its business as proffitable, then maybe the taxpayer would pay less.

Instead we pay for failed banks, third world tinpot governments, illegal wars. And are taxed to the hilt on everything in this consumer driven world. Its all CRAP. Rant over....

Is Shell Oil UK still British owned?

Vote BNP

• Posted by: RustyReport Comment

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SHELL UNVEILS £1.5M-AN-HOUR PROFITS

31.01.08, 9:40am

Gordon Brown (The F/Lying Scotsman) won't like this...He hates competition.

• Posted by: GwynReport Comment

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GRATEFUL

31.01.08, 8:14am

Maybe we should be grateful that any company in the UK is still capable of making a profit after all the red tape and higher taxes that are being thrown at them.

Instead of punishing the oil companies, let's just boot out Noo Labour.

• Posted by: CamertonReport Comment

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