U.K. North Sea Oil Companies "Going Galt"

UK Independent -- "North Sea oil production has slowed to its lowest level since records began 15 years ago following the Chancellor of the Exchequer's recent tax raid on the industry. An update from the U.K. Department of Energy yesterday showed the biggest fall in oil production since quarterly records started in 1995. Gas production fell 17.6 per cent from a year ago.


The slowdown follows the Chancellor's controversial Budget decision to increase the supplementary tax on North Sea Oil production to 32 per cent from 20 per cent to pay for a cut in petrol duty. The Chancellor's decision drew an industry-wide outcry and claims that mature fields would be closed.


An Oil and Gas UK survey warned that a quarter of 240 potential projects in the North Sea were less likely to go ahead after the tax increase."


MP: Let this be a lesson to the Senate Democrats who are proposing to burden (punish?) America's five biggest oil companies with $21 billion in additional income taxes over the next decade.

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