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Ukraine war: UN chief Guterres slams oil and gas firms’ ‘grotesque greed’

Madison Franz

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1 year ago

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Ukraine war: UN chief Guterres slams oil and gas firms' 'grotesque greed'
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Antonio Guterres says governments should embrace a special tax on energy company profits

UN Secretary General Antonio Guterres has called for oil and gas companies to face special taxes.

His comments come as surging energy prices sparked by the war in Ukraine push industry profits to new highs.

Mr Guterres said it was “immoral” for firms to be profiting from the crisis.

Russia’s invasion of Ukraine in February has worsened a global shortage of oil and gas, disrupting access to oil and gas from Russia – a major supplier – and driving prices higher.

While households are grappling with higher energy bills, companies are reaping the benefits.

BP recently reported its largest profit in 14 years, while Shell’s profits in the April-to-June period hit a record.

Together, four of the biggest energy firms – Exxon, Chevron, Shell and TotalEnergies – earned nearly $51bn in the most recent quarter – almost double what they made in the same period last year.

  • How does the windfall tax on energy firms work?
  • Energy giants see profits soar as bills rise

“This grotesque greed is punishing the poorest and most vulnerable people, while destroying our only common home,” Mr Guterres said.

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

Last month, the UK approved a 25% ‘windfall tax’ on energy firms, a one-off levy the government says will raise some £25bn to help offset household energy bills, which have spiked.

Some other countries, such as Italy, have imposed similar measures.

But French lawmakers recently rejected such a move, and there is little political momentum in the US, despite a windfall tax proposal from some members of Congress.

Frank Macchiarola, a senior vice president for oil and gas lobby group the American Petroleum Institute, said calls for a windfall tax were misguided.

“Policymakers should be focused on increasing energy supply and reducing costs for Americans. Imposing new taxes on our industry will do the exact opposite and only discourage investment at a time when it’s needed most,” he said.

Mr Guterres warned that high energy prices would have wide ranging consequences, as households and governments around the world buckle under the pressure.

“Many developing countries – drowning in debt, without access to finance, and struggling to recover from the Covid-19 pandemic – could go over the brink,” he said. “We are already seeing the warning signs of a wave of economic, social and political upheaval that would leave no country untouched.”

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E Learning Unimal

Odyssey News

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7 hours ago

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November 30, 2023

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e learning unimal
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Are you looking for information on E Learning Unimal? You have come to the right place! In this blog post, we will provide a step-by-step guide on E Learning Unimal

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Unveiling Brilliance: Exploring the Magic of Al Fakher Diamond Dust

Odyssey

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2 weeks ago

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November 15, 2023

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Al Fakher Diamond Dust
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Imagine enjoying smoking on a whole new level, with a dash of genius added to every inhalation. This is precisely what the ground-breaking product in the shisha market, Al Fakher Diamond Dust, claims. This article explores the numerous facets of this amazing product, including its characteristics, background, and the reasons why enthusiasts today view it as indispensable.

Al Fakher Diamond Dust: A Diamond in the Rough

The essence of Al Fakher Diamond Dust is revealed to be a distinctive blend of fine tobacco and faintly shimmering diamond-like particles. The outcome? A unique smoking experience where luxury and flavor collide.

The Origin Story

Explore the origins of Al Fakher Diamond Dust and follow its history back to the rich tobacco customs of the Middle East. Discover how creativity and skill combine to produce a product that appeals to the senses.

Crafting Brilliance: Manufacturing Process

Al Fakher Diamond Dust

Al Fakher Diamond Dust

 

Discover the complex procedure that goes into making Al Fakher Diamond Dust. Every stage, from picking the best tobacco leaves to carefully adding tiny particles that like diamonds, is an example of excellence and perfection.

The Mesmerizing Features

We explore the unique qualities of Al Fakher Diamond Dust that make it unique in the world of indulgent hookahs.

Diamond-like Sparkle

See the eye-catching beauty of Al Fakher Diamond Dust. The delicate shimmer gives your smoking experience a touch of luxury and sparks conversation at any get-together.

Flavors That Dazzle

Explore a range of tastes that aren’t your typical ones. Al Fakher Diamond Dust provides a range of options to suit every taste, from traditional blends to creative creations.

Smoking with Elegance

With Al Fakher Diamond Dust, your shisha sessions will be elevated from a casual hobby to an opulent event.

The Perfect Social Companion

Al Fakher Diamond Dust

Al Fakher Diamond Dust

 

Find out how smoking is made more socially enjoyable with Al Fakher Diamond Dust. With friends, enjoy happy and restful times to make every session special.

Tips for Optimal Enjoyment

With helpful advice on taste matching, heat management, and packing, you can maximize the benefits of Al Fakher Diamond Dust. Make smoking a ritualistic endeavor.

Frequently Asked Questions

Q1: Is Al Fakher Diamond Dust suitable for beginners?
A1: Absolutely! Al Fakher Diamond Dust caters to all levels of enthusiasts, offering a smooth and enjoyable smoking experience for beginners and seasoned users alike.

Q2: How long does the diamond-like sparkle last?
A2: The diamond-like particles in Al Fakher Diamond Dust are designed to last throughout the smoking session, providing a mesmerizing visual experience from start to finish.

Q3: Are there any health concerns with inhaling diamond-like particles?
A3: Rest assured, the diamond-like particles in Al Fakher Diamond Dust are safe for inhalation. Extensive testing ensures a worry-free smoking experience.

Q4: Can I mix Al Fakher Diamond Dust with other shisha flavors?
A4: Certainly! Get creative with your flavors by mixing Al Fakher Diamond Dust with your favorite shisha blends. The possibilities are endless.

Q5: Is Al Fakher Diamond Dust available worldwide?
A5: Yes, Al Fakher Diamond Dust is globally accessible, bringing its unique sparkle to shisha enthusiasts around the world.

Q6: How do I clean my hookah after using Al Fakher Diamond Dust?
A6: Maintaining your hookah is easy. Simply follow standard cleaning procedures, ensuring a residue-free experience for your next smoking session.

Conclusion

To sum up, Al Fakher Diamond Dust is a sensory experience that combines flavor and visual appeal, going beyond the bounds of traditional shisha. Enhance your smoking routine with this innovative gem.

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