Windfall Tax to Be Scrapped If Oil and Gas Prices Fall to ‘Normal Levels’

Windfall Tax to Be Scrapped If Oil and Gas Prices Fall to ‘Normal Levels’
The Total Culzean platform is pictured in the North Sea, about 45 miles east of Aberdeen, Scotland, on April 8, 2019. Andy Buchanan/AFP via Getty Images
Alexander Zhang
Updated:

The government has announced it will remove the windfall tax on oil and gas companies if energy prices fall to “normal levels.”

The temporary windfall tax was announced last year by then-Chancellor Rishi Sunak to fund a relief package for households struggling with rising bills following Russian President Vladimir Putin’s invasion of Ukraine.