
Oil giants aren’t government cash cows
According to Labour, solving the energy crisis is really very simple. Rather than funding an energy price cap through borrowing, as Liz Truss wants to do, it should be funded by a windfall tax on oil giants instead. In other words, let’s grab some of more of the gargantuan profits being made by these polluting companies and use it for the social good. But hang on a minute. Is there really such a bottomless well of money to be exploited? This morning’s profit warning from Shell suggests otherwise. We have been conditioned into thinking that companies such as Shell have been coining it in all year – not least thanks to the
