UN chief criticizes grotesque greed' of oil companies

[Omaha Steve]

Source: AP

By EDITH M. LEDERER

UNITED NATIONS (AP) — The United Nations chief sharply criticized the “grotesque greed” of oil and gas companies on Wednesday for making record profits from the energy crisis on the back of the world’s poorest people, “while destroying our only home.”

Secretary-General Antonio Guterres said it was “immoral” that the largest energy companies in the first quarter of the year made combined profits of close to $100 billion.

He urged all governments to tax these excessive profits “and use the funds to support the most vulnerable people through these difficult times.”

Guterres urged people everywhere to send a 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 planet.”



United Nations Secretary-General Antonio Guterres makes remarks before the 2022 Nuclear Non-Proliferation Treaty (NPT) review conference in the United Nations General Assembly, Monday, Aug. 1, 2022. (AP Photo/Yuki Iwamura)


Read more: https://apnews.com/article/russia-ukraine-united-nations-trending-news-936437c9b62a090dd235ec63faf83933

[duforsure]

1. Democrats need to post and display all their profit margin increases they've made,

While they support republicans who falsely claim for them its President Biden's fault.

[SWBTATTReg]

2. Aren't companies (at least most of them) leasing said lands that they are drilling for oil on, from

the very countries that the Secretary-General is complaining about, who more than likely get some sort of royalties from the lease of the lands that are being drilled? Perhaps a more robust corporate worldwide tax on the fossil fuels industry?

[robodruid1]

3. In all fairness

A global tax on all business would result in a more equal world.

[NCjack]

4. Secretary-General Antonio Guterres, thank you for speaking out.

[70sEraVet]

5. Something is wrong when ALL the oil and gas companies are reporting record profits!

I thought capitalism was supposed work to give us cheaper prices through competition.
We'd BETTER be pushing for alternative energies - that's the ONLY way to break the headlock that the fossil fuel industry has us in.

[NCjack]

6. Vigorous antitrust actions will also help. Force the buggers to

evolve their fossil fuel businesses to green energy instead of squeezing us for MAX profits as their reserves dwindle.

[Justice matters.]

7. Well... the CEOs compete for their personal golden parachutes...

They use record profits to buy back tax-free stocks. It's their "new-found" way to not pay taxes (not really their findings, but those of Fiscalists they hire to make them tax-free Billionaires...).

[Igel]

9. Yes, when there's more supply than demand

and companies have to compete for your business.

That wasn't the case, so that bit of economic principle didn't apply. Notice prices are coming down? Why?

There's less demand, some companies have increased output (or soon will), and there's expected to be even *less* demand. Meaning there'll be a bit more pressure for companies to compete for trade.

[ck4829]

10. Yep

[ck4829]

8. K&R