The British Government said it would use a windfall profits tax on oil and gas companies to help raise funds for direct payments to households, to ease the country’s inflation driven, cost-of-living crisis.
Energy companies had benefitted from the surge of commodity prices, in part driven by the war in Ukraine, and disruptions to supply chains.
Oil and Gas Companies have been reporting record profits and will be charged a 25 percent tax on their “extraordinary” profits. The Energy industry has been making these extreme profits, not because of innovation, but because of energy supply shortages and surging commodity prices.
Something for the U.S. Government to consider?