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Should oil companies pay a windfall tax?

BP made $12.8 billion profit last year, $4.1 billion on that in the fourth quarter. In the first three months of this year Shell’s profits reached $9.1 billion. Meanwhile pensioners and low-income families are struggling to keep their houses warm, as high energy prices add to the inflation squeeze being felt with food and other household essentials. Phil Dobbie asks Prof Steve Keen whether this all points to the need for a windfall tax on energy companies who are enjoying massive profits through no-action on their part. And should it be a one-off initiative, or is this time to rethink how we tax these companies in a way that will engender investment in renewables?

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