The Independent Office for Budget Responsibility calculated that the tax UK fossil fuel producers are expected to pay for the year to be nearly twenty times the 400 m paid in 2020. At the beginning of the epidemic, prices plummeted and producers suffered losses.
The Labour opposition at Westminster has made that a key part of its attack on the government over Downing Street's handling of the cost of living crisis. Labour took the issue to a Commons vote on Wednesday, which the Opposition lost.
Companies are pointing out their plans to spend more on oil and gas if they are allowed to, and some are switching their emphasis on renewable energy in response to the threat of a windfall tax.
Shell has between 20 and 25 billion dollars invested in UK energy production and systematics such as vehicle charging networks, according to BP, one of the two British-based oil majors.
In response to the calls for a windfall tax, ministers have been pushing for more commitments from energy producers to invest. There is more pressure on the industry to make its case.