Thursday, July 31, 2008

Windfall tax the massive profits of oil and gas companies - part of a 'Green New Deal' to tackle the credit crunch, oil price hike and climate crisis

Oil and gas companies have in recent days announced a huge rise in profits. Frankly I think the level of their profits, £6.7billion first half profits from BP and £4 billion three month profits from Shell, is obscene particuarly at this time of rising food and fuel prices. We need money to invest in making our society more efficient, renewable, green, fair and healthy and so why the Government have not put a windfall tax on the profits of oil and gas companies beats me. A windfall profits tax is certainly part of Green economic plans, including some detailed and ongoing work on a 'Green New Deal', to tackle the credit crunch, soaring oil price and the climate crisis. Its poor leadership for the Government not to take this step.