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

    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

    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

    Fed rushes to the rescue, Europe tries to reassure

    Legal World 01/22/2008

    A 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...

Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.

Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.

Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:

• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements

For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.

Business News

St Peters, MO Professional License Attorney Attorney John Lynch has been the go-to choice for many professionals facing administrative sanction. >> read