{"id":90725,"date":"2026-03-09T07:43:30","date_gmt":"2026-03-09T07:43:30","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=90725"},"modified":"2026-03-09T07:59:40","modified_gmt":"2026-03-09T07:59:40","slug":"the-case-for-a-windfall-oil-tax-is-overwhelming","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2026\/03\/09\/the-case-for-a-windfall-oil-tax-is-overwhelming\/","title":{"rendered":"The case for a windfall oil tax is overwhelming"},"content":{"rendered":"

This chart comes from Trading Economics<\/a> this morning and is already out of date because I gather that since I took the screenshot, the oil price has now reached $110 per barrel:<\/p>\n

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The FT presents broadly similar information:<\/a><\/p>\n

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The reason for showing the change is to emphasise two things. Firstly, there is the absolute price increase, with the price of oil increasing from around $65 per barrel to more than $100 a barrel in only a few days. The second is to show how exceptional this rate of change is. The increase is occurring at a faster rate than in 2022. We do not know where it will end as yet, but I suspect that it is nowhere near its peak at present.<\/p>\n

The economic fallout of this for everyone in the UK and around the world is going to be staggering.<\/p>\n

There is one thing that we do know now. This is that the exceptional profits that oil companies made in 2022 will recur. I sincerely hope that somebody has a plan to increase the tax rate on them to deal with this. The case for a windfall tax is going to be overwhelming. We need such a tax, and we need it now. There can be no justification for private sector gain at this moment at cost to the people of the world from enormous economic disruption.<\/p>\n","protected":false},"excerpt":{"rendered":"

This chart comes from Trading Economics this morning and is already out of date because I gather that since I took the screenshot, the oil
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