Thursday, 15 September 2022

Singing From a Different Hymn Sheet?

There has been a call to collectively 'rein in' 'big oil' and its representive body, the Organization of the Petroleum Exporting Countries. This is a response to the current massive profits of the coal, oil and gas industries and the pressures on society (https://www.theguardian.com/global-development/2022/sep/08/big-oil-and-opec-are-holding-the-world-to-ransom-its-time-to-rein-them-in). Excessive profits of the coal, oil and gas industries are, however, nothing new. It's been estimated that extractors of hydrocarbons, made profits of more than $2.8bn a day over the past 50 years. At the same time, they paid virtually nothing for their environmental damage. In deed, the combined profits of the planet's largest energy companies in the first 3 months of 2022, appear close to $100bn! There almost unanimous agreement that excessive oil and gas profits should be taxed. Some folk don't like to use the term 'windfall tax' (windfall refers to the excessive numbers of apples on the ground after a gale). It's thought, however, that this will be essential, to buffer the most vulnerable people (poor families and small businesses) from the devastating effects of rocketing energy prices. It consequently seems extraordinary that the UK has adamantly refused to even consider additional windfall taxes on 'energy' companies (https://www.business-standard.com/article/international/uk-leader-truss-rules-out-windfall-tax-for-oil-companies-amid-energy-crisis-122090701207_1.html). Do we live on a different planet in snug, well-insulated homes?

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