In the New Statesman yesterday, we read without their expected incredulity:
North Sea oil companies receive more money from the government than they pay in taxes
The UK has given firms including Exxon and Shell hundreds of millions of pounds in rebates.https://www.newstatesman.com/energy-climate-tech/2021/09/north-sea-oil-companies-receive-more-money-from-the-government-than-they-pay-in-taxes
Why should we not be surprised to hear this?
Well back in 2019, we could read this:
And even further back, we could see this:
Only the UK does not apparently make a profit from oil extraction.
Over the longer period the UK has stopped making a profit quite recently:
So, oil stops becoming profitable after 2015? What happened just before that that may have caused the UK Government to think oil profitability was a bad idea?
The price of oil is currently soaring.