Skip to content

UK Tax Raid on Oil Industry Also Breaks Historic Climate Pledge

U.K. Petrol Prices Surge at Fastest Pace in 13 Years to a Record
Photographer: Chris Ratcliffe/Bloomberg

Rishi Sunak’s windfall tax on oil and gas includes a big incentive to drill more. 

Just how the UK government finds itself mounting a tax raid on the oil and gas industry, while simultaneously breaking a promise not to offer fossil fuel producers incentives to drill more, shows how the invasion of Ukraine has turned the world of energy on its head.