The head of a Norwegian gas/oil company was on the radio a couple of days ago complaining that their plans to open up a new gas field in the North sea were under reconsideration due to the windfall taxes that might be levied.
Whilst I don't doubt that this is true, I was surprised that he said such fields were vital to the countries energy security, given that without windfall taxes the gas extracted could be flogged off to any old Tom Dick or Harry at the inflated global market rate.
The reality is, that without substantial windfall taxation, the products of such a field would be a foreign import in all but name as soon as it came out of the ground, contributing little to price stability or energy security
www.bbc.co.uk
Whilst I don't doubt that this is true, I was surprised that he said such fields were vital to the countries energy security, given that without windfall taxes the gas extracted could be flogged off to any old Tom Dick or Harry at the inflated global market rate.
The reality is, that without substantial windfall taxation, the products of such a field would be a foreign import in all but name as soon as it came out of the ground, contributing little to price stability or energy security
BBC Radio 4 - Today, 18/01/2023
News and current affairs, including Sports Desk, Weather and Thought for the Day.
Last edited:

