Big oil companies continue to book massive profits as Iran war keeps petrol prices high
Big oil companies continue to book massive profits as fighting in Iran disrupts energy markets and sends oil and petrol prices sharply higher.
Six of Europe’s largest oil companies posted combined first-quarter profits of US$22 billion (NZ$37.5b), more than 40% higher than last year. Profits at BP, based in London, more than doubled to US$3.9b in the second quarter, the company said.
And Saudi Aramco reported a 44% year-on-year increase in second-quarter net profit that reached US$32.69b, driven by higher crude oil, refined products and chemicals prices.
The supercharged performances from big oil in Europe and the Middle East follow reports of enormous profits from the largest US oil drillers last week.
The Post
Seeing as this Government won’t hold oil companies to account for the pollution they create, how about holding them to account for the profits they make during a crisis?
New Zealand consumers shouldn’t carry the whole burden of this oil crisis while the companies make obscene profits.
Oil companies can make enormous profits during supply disruptions even though they haven’t necessarily increased productivity or investment and a windfall tax captures some of that economic rent for the public rather than allowing all of it to accrue to shareholders.
Look.
Oil is an essential input into the economy, and New Zealanders have little ability to avoid price increases when global oil prices spike.
There’s a strong fairness argument that when companies make exceptional profits from an essential commodity during a crisis, some of that exceptional gain should return to the public.
Tax the wealthy when they make profit from our misery.
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