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.