• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 5 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 4 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 18 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 5 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Demonising fossil fuels has caused major grid problem in Australia
  • 6 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 8 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"

Breaking News:

Oil Likely To Hit $200: SEB Group

Colombia Could Help Europe Ditch Russian Coal

Colombia Could Help Europe Ditch Russian Coal

Sanctions on Russia have worsened…

Iranian Food Consumption Plummets As Prices Soar

Iranian Food Consumption Plummets As Prices Soar

Soaring prices are weighing on…

City A.M

City A.M

CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…

More Info

British Energy Titans Tumble On Windfall Tax U-Turn

London-listed energy companies that will be caught by Chancellor Rishi Sunak’s windfall tax tumbled during opening exchanges today.

The capital’s premier FTSE 100 index was flat this morning at 7,564.82 points, while the mid-cap domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, jumped 0.52 per cent to 20,354.82 points.

Sunak yesterday launched a tax raid on oil and gas companies to transfer excess profits from the sector booked as a result of Russia’s invasion of Ukraine sending energy prices soaring to households struggling with rising living costs.

The sector will be subjected to a 25 per cent surcharge on their profits. However, under a new tax relief scheme, the likes of Shell and BP can offset around 90 per cent of their investment spending against their tax bill, Sunak said.

BP and Shell were among the worst performers on the FTSE 100, each losing around one per cent.

SSE also fell 3.14 per cent due to investors ditching shares in the energy company after Sunak said other energy firms may eventually be subjected to the surcharge.

FTSE 250-listed Drax Group tumbled over four per cent.

Industrials offset losses in London, with miners Antofagasta, Anglo American and Glencore all rising more than one per cent.

The pound gained ground on the greenback, strengthening 0.16 per cent to buy $1.2613.

By CityAM 

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News