Watford's MP thinks steps can be taken to reduce people’s energy bills as oil and gas companies announced record-breaking profits.

Conservative Dean Russell's comments come after British Gas owner Centrica confirmed half-year profits of £1.3 billion - five times higher than the same period for 2021.

And Shell has reported record profits of £9.4 billion for the second quarter of 2022.

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The large profits made during the cost-of-living crisis have angered Watford Observer readers.

Several people commented on a Facebook post saying the profits amounted to “greed”.

Another reader said: “Utility companies should become government controlled, like they used to be.

“It'll stop profiteering and underinvestment and awarding their execs huge bonuses.”

One said: “We were all told that competition would bring prices down.

“All it has done is paid dividends to fat cat shareholders.”

However, the call to nationalise companies did not suit all.

One commenter said: “Those suggesting nationalisation obviously have more confidence in the Government than I do.

“Can’t think of a single government department which is fit for purpose.”

Watford MP Dean Russell said that measures can be taken to reduce energy bills as the cost-of-living crisis continues.

He said: “The Government has been clear that as the situation evolves, so will its response, and the most vulnerable are its number one priority.

“The Government has already provided significant support, but I think there are further measures that can be taken to help reduce energy bills.”

Mr Russell added: “Oil and gas companies are seeing extraordinary windfall profits due to global spikes in commodity prices.

“For this reason, the Government has introduced a levy which will be charged on profits of oil and gas companies at a rate of 25 per cent.

“This is on top of the existing 40 per cent headline rate of corporation tax, raising around £5 billion over the next year to support households.

“This is something I support, as it is not fair that they are recording record profits when so many are struggling.”

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