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act. no more excuses, impose a higher windfall tax. when chancellor rishi sunak introduced an extra went full tax on extraordinary profits on top of the tax oil and gas companies already pay. some say these profits are so excessive further taxes are now justified. companies like this do not always make this kind of money. there are lean periods as well. prices have already come down from their highs this year. shell has said it will invest £25 billions next year in low oi’ zero carbon energy. some feel more taxes could jeopardise that. a very cleverly designed windfall tax may help the government achieve certain targets. but somebody else may design a poor windfall tax and that would be a distortion to investment, investment may not happen or it would go elsewhere, where it is more attractive to do so. a report by the international energy agency suggests the global crisis

Windfall taxRishi sunakTax oil and gasZero carbon energy75 billions25 billionsEthe international energy agency