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erienewsnow.com 10 Jan, 2022 13:15 am

Brits face a massive increase in energy bills. BP and Shell could be on the hook to pay - Erie News Now

Brits face a massive increase in energy bills. BP and Shell could be on the hook to pay - Erie News Now
By Charles Riley, CNN Business

The main opposition Labour Party this weekend called on Prime Minister Boris Johnson to impose a windfall tax on companies pumping oil and gas from the North Sea, saying that the money raised could be used to cut £200 ($272) from soaring household bills.BP and Shell both operate in the North Sea, and have benefited from rising gas and oil prices.The UK government has so far rejected calls for a windfall tax on North Sea producers, even as other European countries take action to shield consumers from the sharp increase in prices.A windfall tax on oil and gas companies, who are already struggling in the North Sea, is never going to cut it," cabinet minister Nadhim Zahawi told LBC radio on Sunday.

By Charles Riley, CNN Business The UK government is coming under mounting pressure to increase taxes on oil and gas companies, including BP and Shell.Industry group OGUK, which represents UK offshore producers including Shell and BP, said last week that a windfall tax would make energy companies less likely to invest in the country, causing "irreparable damage to the industry" that would "leave consumers even more exposed to global shortages.

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