Over the past two years, global energy companies have enjoyed record profits amid high commodity prices, with the International Energy Agency estimating that net income by oil and gas companies doubled from 2021 to 2022. Those high oil and gas prices have translated into high fuel prices for consumers, drawing the ire of the public and governments everywhere and sparking populist moves in response.
The European Union, the UK and India have already introduced windfall taxes on oil and gas companies. On September 30, 2022, the Council…Windfall Taxes Sweep Through The Global Energy Sector
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