> In that framing, giving away natural resources below market rates is a definite subsidy. So...what's the "market rate" for taxes on a new well in the UK's te

> In that framing, giving away natural resources below market rates is a definite subsidy. So...what's the "market rate" for taxes on a new well in the UK's territorial waters in the North Sea? Given that the UK has a monopoly on allowing wells to be drilled in that area, isn't the market rate whatever the UK says it is, and thus there is always zero subsidy by definition? Or should we compare to what other countries charge for other wells in other areas? Should we adjust for, eg, the difficulty of drilling in the North Sea compared to, eg, off the coast of Brazil and if so, how? Should we only compare to EU countries, or only to rich countries, or do we compare to everyone? And if, as is the case, the UK has relatively high taxes compared to others, in what way would it be accurate to call it a subsidy?