Big Profits, Oil & Gas Companies Should Be Taxed!- UN

 The surge in world energy prices due to Russia's war in Ukraine has pushed global inflation to record highs, leaving many affected.

But as households struggle with high energy bills, oil and gas companies have reaped the benefits as energy prices continue to soar to new records.

This received the attention of the Secretary General of the United Nations (UN), Antonio Guterres who called for the implementation of a special tax on these companies.

Guterres described the profits made by oil and gas companies from the crisis as immoral.

It is understood that the four giant energy firms, Exxon, Chevron, Shell and TotalEnergies have earned almost $51 billion in the second quarter which is almost double what they earned in the same period last year.

Seeing it as appalling greed and affecting the poor and most vulnerable, he called for all governments to tax the exorbitant profits.

The proceeds can use the funds to help the most vulnerable people through this difficult period, Guterres said.

Several countries including Italy and the UK have taken such steps in recent times, with Britain imposing a 25% profit tax on energy firms.

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