Shell, the darling of the Left

Another year, and more ‘record profits’ for Shell. This year, Shell has posted profits of around £13bn and our leftie friends are all a-tizz. Never mind that (as the BBC acknowledges) the bulk of the profits derive from finding and extracting oil, and not from the filling stations. However, that fact hasn't stopped BBC journalists perching outside filling stations across the realm and quizzing motorists for their ‘reaction’. The subliminal message is that the profits are linked to the pump price. Motorists are being asked, in the light of Shell’s happy news, whom they ‘blame’ for the high price of fuel.

As far as the pump price is concerned, there is only one man to be blamed for the high price, and that is Mr G. Brown, Chancellor of the Exchequer. Of the 90-odd pence per litre charged, about 60p goes in taxes, leaving a narrow profit margin after allowable deductions.

The Transport and General Union Secretary has called for a windfall tax on Shell. Is that in addition to the heavy duties Shell already pays, plus corporation tax at the main rate of 30 per cent? And let’s not forget the extra 10 per cent surcharge on North Sea oil imposed by our darling Gordon in the pre-Budget Report. Surely Shell’s ‘pips’ are ‘squeaking’ enough?

From watching the news today, the prevalent message appeared to be that making a profit of that size was a bad thing, and Shell must somehow explain how it came to do so. I would urge my leftie friends to pipe down and consider one thing: ‘record profits’ for Shell mean record taxes to fund New Labour’s client state. That is the sort of thing you like, not so? So enough of your envious bleating and however much it pains you, offer your warmest congratulations to Shell.