Thursday, 10 March 2022

Oiling the Wheels of Profit

Analysts conclude that the oil and gas companies are facing a potential bonanza from the Ukraine war (https://www.theguardian.com/environment/2022/mar/10/oil-and-gas-companies-are-looking-at-a-bonanza-from-the-ukraine-war). Many of the oil and gas companies appear to be using the soaring prices and fear of fuel shortages to reingratiate themselves with governments. The oil and gas companies are likely to request (and get?) concessions from governments. These would essentially negate attempts to limit the effects of climate change. Say goodbye to net zero! The changing mood could be the main reason why a windfall tax on 'obscene' profits, is already being strongly resisted by government.

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