Amid a surge in energy prices, a windfall tax on gas profits could be the best way to protect households
- Written by Locky Xianglong Liu, Research fellow, Centre of Policy Studies, Victoria University
The war in Iran has once again exposed how vulnerable the world’s energy markets are to geopolitical disruption. In wild swings, benchmark crude oil prices spiked as high as US$120 per barrel, roughly 50% higher than before the conflict, before sliding below $100.
Energy price surges hit households quickly. Higher petrol prices raise...
