There’s a dangerous storm brewing in the North Sea. But this is no natural
disaster - it’s been whipped up by oil and gas companies lobbying for a
major tax cut.
In the Budget, the Chancellor, George Osborne, announced a
fuel duty stabiliser. When oil prices were high – over $75 a barrel to be
precise – he’d cut taxes on motoring, and tax oil companies instead. When oil
prices dropped below $75 a barrel, he’d whack a tax on fuel, but give oil
companies a break.