• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days Does Toyota Know Something That We Don’t?
  • 20 hours America should go after China but it should be done in a wise way.
  • 7 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 days China is using Chinese Names of Cities on their Border with Russia.
  • 10 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 10 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 10 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 9 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 12 hours How Far Have We Really Gotten With Alternative Energy
  • 10 days Putin and Xi Bet on the Global South
  • 10 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 11 days United States LNG Exports Reach Third Place
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs

UN Chief Urges Tax On Oil Industry For "Grotesque Greed"

The secretary-general of the United Nations, Antonio Guterres, lashed out at the oil and gas industry, accusing it of "grotesque greed" and calling for additional taxes on their profits.

Guterres noted that for the first quarter alone, the combined profits of the world's largest oil and gas companies were 'close to $100 billion" and urged all governments to tax these profits.

"It is immoral for oil and gas companies to be making record profits from this energy crisis on the backs of the poorest people and communities, at a massive cost to the climate," Guterres told media, as quoted by Reuters.

"I urge all governments to tax these excessive profits, and use the funds to support the most vulnerable people through these difficult times," he also said, adding "And I urge people everywhere to send a clear message to the fossil fuel industry and their financiers: that this grotesque greed is punishing the poorest and most vulnerable people, while destroying our only common home." 

The UN's top official is a vocal critic of the oil and gas industry. Earlier this year, he said investing in new oil and gas production was "delusional," and it would only have negative consequences.

"New funding for fossil fuel exploration and production infrastructure is delusional. It will only further feed the scourge of war, pollution and climate catastrophe," Guterres said in June.

He has also spoken against coal investment, calling it "stupid" and saying that dependence on fossil fuels was madness.

"Had we invested massively in renewable energy in the past, we should not be so dramatically at the mercy of the instability of fossil fuel markets now," he said in June.

ADVERTISEMENT

Big Oil majors all reported massive profits both for the first and second quarters of the year, thanks to higher oil prices. This is not the first time prices have been this high, but it may be the first time majors are being this careful with new spending, which is ironic given Guterres' remark about delusional oil and gas investments.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Rich Jorski on August 06 2022 said:
    This guy, Guterres, has lived his entire life off the earnings of others and yet has the nerve
    to call the oil industry "greedy"? Go figure.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News