Saturday, May 28, 2011

North Sea Oil production plummets after Tax Hike...and the Democrats

want to increase taxes on US oil.....great strategy Dems!!

North Sea oil production has slowed to its lowest level since records began 15 years ago following the Chancellor's recent tax raid on the industry.

An update from the Department of Energy yesterday showed the biggest fall in oil production since quarterly records started in 1995.

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.