Oil giant Aramco lists the reasons why a windfall tax is a bad idea, according to Natasha Turak of CNBC.
- A windfall tax on oil companies is a bad idea for consumers, energy security, and the environment.
- Oil giants such as BP, Exxon, and Shell are leading investors for technologies like renewables, carbon capture, and hydrogen.
- Burdening companies with additional taxes on profits will discourage energy companies from making important investments.
- To make meaningful climate and energy progress, lawmakers need to reduce barriers to unleash private sector investments in innovation.
Read the full article here.