[Tubby Isaacs]

Not very much over and above the existing windfall tax, I'd have thought.

[Bones McCoy]

Am I missing something or do oil companies not make greater profits when the crude prices rise, thereby generating more tax revenues both on their own earnings and in VAT on the higher gross price of fuel?

Someone handy with a calculator should have a grasp of the sums in question and be able to suggest how much can be pre-rebated to the end user.

You'd think so.
But the last 5 or so years has convinced me that.
1) Profits are a sort of optional extra when you run a massive business.
2) Counter-intuitively, many massive businesses work very hard to avoid turning a profit.

[Tubby Isaacs]

The problem is that the profits are made by international fossil fuel extractors, not (for the most part) UK businesses.

[kreuzberger]

Shell, BP, et al, together with an uplift when the crude price hits a level which is now in the real-view mirror.

Fuckin squillions then.

[Tubby Isaacs]

How much from UK operations?

[kreuzberger]

According to Gemini, based on $90 BBL;

Annual Total: Combined with standard offshore corporation taxes, the total sector contribution could reach £5.1 billion for the year, nearly double the current £2.7 billion baseline forecast.

Yep, fuckin squillions, plus the VAT.

[Tubby Isaacs]

They're paying a 38% surcharge already. Lots of people don't like the surcharge but it seems to be coming in handy now.