Battlelines drawn over UK energy tax decision
Opposition to the UK’s controversial decision to increase taxes on the country’s energy industry has gained pace
The big players active in the North Sea have written an open letter to UK chancellor George Osborne, telling him the move has damaged investor confidence and could cripple the country’s gas sector. In an otherwise corporate-friendly UK budget, released on 23 March, Osborne announced that the supplementary charge on both oil and gas production would increase from 20% to 32% to pay for the fair-fuel stabiliser, a mechanism that would ensure fuel duty would rise in line with inflation only when oil and gas prices are high, meaning $75 a barrel. Any lower and tax on fuel can rise more steeply. But the industry believes the changes will hit the natural gas producers hard. Gas prices are rising, b
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
