WINDFALL TAX ON OIL AND GAS PRODUCERS

Early day motion 504, tabled 13 January 2005 by Alan Simpson (Labour). Signed by 39 members.

That this House notes that oil and gas producers will derive massively inflated profits, estimated at an additional £5 billion per year, as a result of unprecedentedly high oil prices; expresses its concern over the impact of both past and future domestic energy price increases on households who struggle to pay for the fuel they need to maintain a warm and healthy indoor environment; recognises that many of the households worst affected by high fuel prices will be elderly, on a low fixed income and living in properties that are inadequately heated and insulated; advocates that funding for an energy efficiency programme to assist these householders should be provided by a tax on the windfall profits accruing to members of the UK Offshore Operators Association as a result of hyper-inflated gas and oil prices; and urges the Chancellor of the Exchequer to take immediate action.

Signatures by party: Labour 33, Labour/Co-operative 2, Plaid Cymru 2, Conservative 1, Liberal Democrat 1.