The U.K.’s new chancellor, Rachell Reeves, recently announced that the windfall tax (formally known as the Energy Profits Levy) will be increased to 38 percent (up from 35 percent) on November 1, bringing the rate of tax on upstream oil and gas activities to 78 percent. The tax will also be extended to 31 March
Read More...Last Wednesday, UK Chancellor of the Exchequer Jeremy Hunt announced that the windfall tax on UK oil and gas firms will remain in place for another five years, until March 2029. The levy, which has already driven away investment and reduced production in the North Sea, was previously set to end in 2028. As EID
Read More...The UK government announced in June that its windfall tax on the oil and gas sector will not be applied if prices drop below certain levels for six months in a row due to a new price floor mechanism. As EID has previously explained, the windfall tax (formally known as the energy profit levy) was
Read More...Nothing is scarier on Halloween than a White House that doesn’t understand basic energy economics. Unfortunately, that’s the pattern we continue to see from President Biden who, right before passing out sugary sweets to children at the annual White House Halloween event, will use the podium to attack the U.S. oil and natural gas industry
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