Response to UK Budget 2016
Dispelling myths about North Sea oil taxes, jobs, profits and climate
Oil companies demanded tax breaks in UK Budget, despite their eye-watering profit levels – OCI/Plaform analysis. UPDATED with the Budget announcement
The oil and gas industry makes out particularly well in the budget deal, with the vast majority of its generous subsidies preserved under the new budget. Meanwhile, support for clean energy is on the chopping block.
In a chilling preview of what life may be like if Rick Perry were to become president, a commission appointed by the Texan Governor is proposing handing Valero and other Texan refiners a tax refund worth $135 million. That would be bad enough but where will they find the money in these hard times? Around … Read More
So the political road-show moves from the UN up to the G20 at Pittsburgh, where climate and the banking crisis will be on the table. And so will a discussion about ending fossil fuel subsidies. For years campaigners have been arguing for the ending of the tax breaks and other incentives given to the fossil … Read More
The oil companies are beginning to look like the banks. During the good years, they cream off ridiculous profits with huge bonuses paid to senior management and directors. And in the bad times they get out of the begging bowl to ask for more money from the government.