Inside Business

The case for a windfall tax on North Sea oil is hard to fault

Half a dozen new fields are reportedly set to get the green light this year. A tax on the proceeds would give consumers a break from high energy prices, argues James Moore

Tuesday 08 February 2022 21:49
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<p>A number of new oil and gas fields are expected to be approved in the North Sea</p>

A number of new oil and gas fields are expected to be approved in the North Sea

Another day, another oil company printing money. This time it’s BP, recently described as “a cash machine” by its CEO Bernard Looney.

Those are words I imagine he wishes he could eat. During a growing clamour for a windfall tax on oil companies, you can file them under “unhelpful at best”.

Looney’s cash machine spat out $13bn (£9.6bn) over the last year – which would require a fleet of oil tankers to remove from an ATM if it were delivered in actual notes.

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