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

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

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

“It’s immoral for oil and gasoline firms to be making file earnings from this vitality disaster on the backs of the poorest individuals and communities, at an enormous value to the local weather,” Guterres advised reporters on Wednesday.

The 2 largest United States oil firms – Exxon Mobil Corp and Chevron Corp – plus British-based Shell and France’s TotalEnergies mixed earned practically $51bn in the latest quarter, nearly 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 susceptible individuals by way of these tough instances,” 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 susceptible individuals, whereas destroying our solely widespread house,” he mentioned.

Politicians and client advocates have criticised the oil firms for capitalising on a worldwide supply shortage to fatten earnings and gouge customers. US President Joe Biden mentioned in June that Exxon and others have been making “extra money than God” at a time when client gasoline costs surged to data.

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

Guterres mentioned Russia’s warfare in Ukraine and the local weather breakdown have been stoking a worldwide food, vitality and finance disaster.

“Many growing nations – drowning in debt, with out entry to finance, and struggling to get better 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 go away no nation untouched.”