north sea

As I write, Shell is working to contain an oil spill off the Aberdeenshire coast that is already, reportedly, the worst spill in UK waters for over a decade. 

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. 

From Chevron to Shell, Nigeria to the North Sea, the slippery mask of big oil was briefly removed this week.

On Tuesday we learned from a leaked internal company report that Transocean – the operators of BP’s Deepwater Horizon rig – had a partial “blow-out” on one of its North Sea rigs only months before the Gulf of Mexico catastrophe.