, fueling inflation that has spread pain across economies. Brent crude, a benchmark for European oil prices, averaged $100.84 a barrel in the third quarter, 37% higher than a year earlier. Wholesale natural gas prices in Europe more than tripled in the same period.
The U.K., Spain and Italy have already imposed taxes on the windfall profits of energy producers as high oil and gas prices — which have fallen from summer highs — squeeze homes and businesses. TheBritain in May imposed an additional 25% tax on profits earned from oil and gas extraction in the U.K. The temporary tax is designed to raise about 5 billion pounds through the end of 2025. The tax cost Shell $361 million in the third quarter, the company said.
Opposition parties are pressuring Prime Minister Rishi Sunak, who took office this week, to increase the windfall profits tax as
Their product is 100s of millions of years worth of carbon and it's used as fuel. It's not 'energy' until it's lit on fire releasing the ancient carbon into the atmosphere to turn the planet into a furnace.
A good thing. How else do you curb corporate greed?