United Nations chief Guterres criticizes the global healthcare pandemic of COVID-19, the Russian invasion of Ukraine, and the aftermath of calamities have worsened the situation of the world economically and politically. The Governments and consumer organizations have criticized the oil companies for increasing earnings and overpricing customers by taking full advantage of a global production shortage.
The energy and fuel sector has witnessed record-breaking high prices.
At a period when customer fuel prices were rising to a record, the leading corporations of the relative sector were making money like a never-ending resource.
Antonio Guterres, secretary general of the United Nations, has recommended that oil and gas corporations pay extra taxes.
As they are earning far greater than normal from previous years. They must be paying extra taxes to help the poorer see some relief.
His statement came as industry profits hit record highs as a result of the rising energy prices spurred on by the war in Ukraine.
Thus according to Mr. Guterres, it is morally unacceptable for companies to be earning profit off the situation.
He voiced his views as
“Only vulnerable and impoverished persons are now being penalized by this disgusting materialism that is additionally destroying our only common home. I urge all countries to tax these excessive profits and utilize the profits to help the most vulnerable proof get through these challenging circumstances. Improving the supply of energy and reducing prices for Americans should be the primary concerns of lawmakers.”
“Additional taxes on our industry will have the exact opposite impact and only discourage development at a time when it is most required. Many developing nations could sway on the brink because of their rising debt, inability to gain access to finance, and difficulties to recoup from the Covid-19 pandemic. A wave of financial, cultural, and political turmoil that would impact every country is already beginning to send danger signs.”
It is the time of showing mercy to each other as the entire realm is under the severity of the crisis.
The annexation of Ukraine by Russia in February has rendered the world’s largest oil and gas shortage worse, blocking access to oil and gas from Russia, a major supplier, and raising the prices.
According to statistical analysis,
“Exxon, Chevron, Shell, and Total Energies, four of the biggest energy corporations, potentially made approximately $51 billion in the latest quarter, almost double as much as they did at the same period last year.”
While individuals suffering from rising energy costs, companies are benefitting.
This is immoral. People are cutting their expenditures as much as they can. But, still, the situation is out of control.
The recommendation of additional tax will release the situation somehow.