Record profits prompt calls for windfall tax against Shell
Legal World
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.
Related listings
-
EU Court: Downloaders Can Stay Private
Legal World 01/29/2008[##_1L|1157132117.gif|width="115" height="75" alt=""|_##]Record labels and film studios cannot demand that telecom companies hand over the names and addresses of people suspected of breaking European copyright rules by swapping illegal downloads, the...
-
European Court condemns France over gay adoption
Legal World 01/24/2008[##_1L|1291690836.gif|width="115" height="75" alt=""|_##]The European Court of Human Rights has ruled that France discriminated against a lesbian woman by preventing her from adopting a child. The nursery school teacher, 45, has lived with the same f...
-
Fed rushes to the rescue, Europe tries to reassure
Legal World 01/22/2008A shock U.S. interest rate cut failed to halt a stock market rout on Tuesday as fears of a U.S. recession forced policymakers in Europe and Japan to issue rapid reassurances about the health of their economies.The Federal Reserve cut its key interest...

Is Now the Time to Really Call a Special Education Lawyer?
IDEA, FAPE, CHILD FIND and IEPs: The Individuals with Disabilities Education Act (IDEA) guarantees all children with disabilities to a free appropriate public education (FAPE). FAPE starts with a school’s responsibility to identify that a child has a disability (Child Find) and create an Individualized Education Program (IEP) to suit the needs of the child.
Forte Law Group is one of only a very few law firms within the state of Connecticut that is dedicated to exclusively representing families and children with special needs.
Parents need to be persistent, dedicated and above all else aware of the many services and accommodations that their child is entitled to under the law. As early as this point within your child’s special education, many parents will often find themselves in the situation asking, “is now the time to really call a special education lawyer?” Here are a few things to consider when asking yourself that question.