Rishi Sunak’s rushed 25% windfall tax is easy to minimise or avoid – and it could be replaced
It is Christmas every day for oil and gas companies, and their shareholders and executives are laughing all the way to the bank, leaving the rest of us to pick up the cost in higher energy prices, inflation, bankruptcies and a deepening cost of living crisis.
Shell’s third-quarter profits have more than doubled to $9.5bn (£8.2bn) and add up to a whopping $30bn so far this year. Most of the additional profit is not made by sudden extra investment or effort. The cost of producing oil and gas has not changed much, but the selling price has.
Juliette Garside is deputy business editor of the Guardian and the Observer
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