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‘Grotesque greed’: UN chief Guterres slams oil and gas companies | Oil and Gas News | NEWSRUX

UN Secretary-Basic Antonio Guterres urges governments to tax oil and gasoline corporations’ earnings amid the vitality disaster.

United Nations Secretary-Basic Antonio Guterres slammed the “grotesque greed” of oil and gasoline corporations and their monetary backers and urged governments globally to “tax these extreme earnings” to assist probably the most weak individuals.

“It’s immoral for oil and gasoline corporations to be making file earnings from this vitality disaster on the backs of the poorest individuals and communities, at a large price to the local weather,” Guterres informed reporters on Wednesday.

The 2 largest United States oil corporations – Exxon Mobil Corp and Chevron Corp – plus British-based Shell and France’s TotalEnergies mixed earned almost $51bn in the latest quarter, virtually double what the group introduced in for the year-ago interval.

“I urge all governments to tax these extreme earnings, and use the funds to assist probably the most weak individuals by means of these troublesome occasions,” Guterres mentioned.

“And I urge individuals all over the place to ship a transparent message to the fossil gasoline trade and their financiers: that this grotesque greed is punishing the poorest and most weak individuals, whereas destroying our solely widespread residence,” he mentioned.

Politicians and client advocates have criticised the oil corporations for capitalising on a worldwide provide scarcity to fatten earnings and gouge customers. US President Joe Biden mentioned in June that Exxon and others had been making “more cash than God” at a time when client gasoline costs surged to information.

Final month, Britain handed a 25 % windfall tax on oil and gasoline producers within the North Sea. US lawmakers have mentioned an identical thought, although it faces lengthy odds in Congress.

Guterres mentioned Russia’s conflict in Ukraine and the local weather breakdown had been stoking a worldwide meals, vitality and finance disaster.

“Many growing nations – drowning in debt, with out entry to finance, and struggling to recuperate from the COVID-19 pandemic – may go over the brink,” he mentioned. “We’re already seeing the warning indicators of a wave of financial, social and political upheaval that would depart no nation untouched.”

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