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US Not Considering Oil and Gas Windfall Tax

ENERGY

The US is not considering a windfall tax for US oil and gas producers according to Amos Hochstein over the weekend.

  • Amos Hochstein, US special envoy for energy security added that the government won’t rule out such a move in future.
  • Biden has previously criticised energy firms for their high profits especially with surging prices last year. The UK and EU have recently imposed windfall taxes on the excess profits of energy producers.
  • The energy industry has suggested windfall taxes will discourage investment in new projects. In December ExxonMobil said the EU tax “will undermine investor confidence, discourage investment, and increase reliance on imported energy and fuel products."
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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