Taxing oil companies

Published: Saturday 04 July 2015

a plan of the uk government to tax the profits of oil companies was halted after the oil industry said that such a move could jeopardise investment in North Sea exploration. Gordon Brown, the country's chancellor of the exchequer, said he would not do anything to damage investment and job creation in the North Sea. Brown added that he was 'monitoring the situation' of petrol prices at the refilling stations, after public protests that it had not come down following a fall in the world prices of crude oil.

Brown's remarks were seen as an indication of the government's frustration that the oil companies were not bringing down petrol prices in accordance with cuts in the price of crude oil. The government is hoping that public protests will induce oil companies into slashing prices. Martin O' Neill, chairperson of the House of Commons' trade and industry committee, added to the pressure on oil companies by calling for an investigation into the "profiteering" of the oil companies.

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