Even though the oil companies suffered losses in the global market during the Corona crisis, they took their ‘profits’ in the Russia-Ukraine crisis.
This created instability in global markets, but companies built mountains of wealth overnight.
UN Secretary General Antonio Guterres called for additional taxes from the companies calling this income unethical.
According to Statist statistics, in the second quarter of this year, the profits of the world’s energy companies have skyrocketed.
Oil company Exxon earned $4.2 billion in the second quarter of 2021, up from $17.9 billion a year earlier.
Same situation with Chevron, Shell and BP oil companies.
Chevron’s revenue last year was $3.1 billion, which has nearly quadrupled to $11.6 billion this year.
- Shell generated $5.5 billion in revenue in the second quarter of 2021.
- This year, the company’s revenue more than doubled to $11.5 billion.
- BP made $3.1 billion in revenue last year. In the current year, the company’s income has increased 3 times.
- The company’s revenue in the second quarter of 2022 was $9.3 billion.
Meanwhile, UN Secretary General Antonio Guterres has condemned such unreasonable profits of oil companies.
- He said, ‘The poor people of the world are victims of the terrible greed of oil companies.
- Companies are reaping profits where people are living subhuman lives.
- I will ask all the governments of the respective countries to impose additional taxes on these companies.
- In this difficult time, the extra money collected from the tax will be useful for the poor people.’
Guterres warned in advance, “if the price of energy goes out of control like this, the instability of the world market will be created.
By doing this, many people will be deprived of their basic rights
Last month, the UK imposed an additional 25 percent tax on its private oil companies.
It is reported from the country that the new tax policy will provide an additional 25 billion pounds,
with which it is possible to meet the increased energy costs of the people of the country.
While the United Kingdom is following the UN policy, the United States and France have said they are not making any such decisions right now.
Although some members of the US Congress raised the issue of additional taxes in the Senate meeting, but the country’s government has not taken any significant steps in this regard.
The senior vice president of the American Petroleum Institute said,
“The government should make fuel supply more flexible and easier, rather than insisting on additional taxation.”
We need investment now.
In this situation, additional taxation on oil companies will be counter-productive.