The UN calls for increase taxation of oil and gas companies due to excess profits.
Friday, August 5, 2022

The UN calls for increase taxation of oil and gas companies due to excess profits.

 UN Secretary-General Antonio Guterres has criticized oil and gas companies for profiting from an energy crisis caused partly by the war in Ukraine. The statement was made against the background of the industry maximizing profits,  the largest oil and gas companies together have reported almost $100B in profit. “The greed is punishing the poorest and most vulnerable people while destroying our one common home, and I call on all governments to tax these excess profits and use the funds to support the most vulnerable people in these difficult times,” Guterres said. Notably, the two largest US energy companies (Chevron and ExxonMobil) and two European energy companies (France’s Total and Britain’s Shell) generated revenue of approximately $510B in the latest quarter, roughly double the amount in the first quarter of 2021.

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