Thursday, May 5, 2011

British Gas warns of price explosion



Source: Press TV
http://www.presstv.ir/detail/178216.html

British families could face fresh energy difficulties, after the UK's largest supplier warned that it may shut a major gas field over a tax dispute with the government.

The warning by Centrica, which owns British Gas, is followed by the government's plans to increase taxes on oil and gas.

Centrica warned that it would not resume operation at one of three fields in Morecambe Bay, Lancashire, which it closed down for maintenance work.

The company said one of the fields may remain closed after supplementary energy tax rose from 20 to 32 per cent in the Budget. The field concerned is taxed at 81 percent of profits.

Instead, the company said, it would import gas when needed, putting it at the mercy of market prices. It warned that UK oil and gas producers face some of the highest taxes in the world, making profits marginal.

Shadow Chancellor Ed Balls said that because of the “tax raid”, Britain risked “losing jobs, investment and secure energy supplies”.

The warning came as industry body Oil & Gas UK said North Sea oil platforms could be taken out of service prematurely as companies lose tax relief

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russia Today (Live)

World News 2017

South Front Military Review 2017

Syria - News 2017

Venezuela News and Opinion

Yemen News 2017

Palestine & Israeli Crime 2017

Iraq News 2017

US News 2017

Debate – Global Issues 2017

Current Affairs - Important Interviews – 2017

Important Information 2016 - 2017

The Russian Perspective

Turkey News 2017

Ukraine News 2016 - 2017

Iran News 2016 - 2017

Important Documentaries

Viewpoint, Discussion & Opinion - 2017

Global Economic News 2017

Egypt News 2016 - 2017

Libya News 2016 - 2017

Bahrain News 2016 - 2017

Abby Martin – Empire Files

George Galloway – Comment & Opinion

Sheik Imran Hosein - Islamic Eschatology

English FA Cup 2016 – 2017

New Age Weather

Space News

Music for the Revolutionary Mind

Global Revolution LIVE!

Watch live streaming video from globalrevolution at livestream.com

Japan’s 3 Nuclear Meltdowns STILL ongoing (News Censored)