It is a gruesome milestone. A year after Russia’s brutal and bloody invasion of Ukraine, the ripples of war have spread across the globe. Tens of thousands of civilians have been killed, along with over a hundred thousand Ukrainian and Russian soldiers.
The amounts are obscene. They are mindboggling. This is profit-making like you have never seen it before. It is also profiteering from war or price goughing at our expense. Big Oil is making billions off the misery of millions.
This briefing shows that companies are set to make £11.6 billion windfall on UK oil and gas in 2022 and why the UK government is missing this opportunity to fund an energy transition.
“Congress must crack down on Big Oil’s insatiable greed by taxing these windfall profits and moving the United States and the world to renewable energy as quickly as possible,” said Collin Rees.
“The only effective response to today’s compounding crises is for global leaders to support the efficiency and clean energy solutions that can replace these dirty fuels and eliminate the need for any new LNG infrastructure,” said Laurie van der Burg.
No words will ever be able to describe the full horror of war. The bombs, the bullets, the trauma. The wanton destruction of life. Hopes and dreams evaporated.
As American families continue to be hammered by skyrocketing gasoline prices, U.S. oil and gas companies are poised to reap tens of billions in windfall profits thanks to high wartime prices.
With oil prices rising to near-record levels due to Russia’s ongoing war in Ukraine, companies producing oil and gas in the United States are in line to make tens of billions in additional profits. Under conservative estimates, we find the U.S. upstream oil and gas industry will collect a windfall of $37 to $126 billion in 2022 alone.
“With sky-high energy prices, it’s mind-boggling to allow the fossil fuel industry to rake in record profits at the expense of working families. What’s needed now is immediate relief for American consumers, which is what this commonsense windfall profits tax bill would provide,” said Rees.