Counting the Cost

Will taxing ‘immoral’ fossil fuel profits ease the energy crisis?

The UN urges windfall tax on the profits of oil and gas giants.

A new study has found that the oil and gas industry produced almost $3bn a day in profits for the last 50 years.

It is now cashing in even more money, as the war in Ukraine has driven up energy prices.

The United Nations secretary-general criticised the sky-high earnings as “grotesque greed”, at a time when millions of people around the world feel the pinch of the rising cost of living. Antonio Guterres urged governments to tax the profits of energy giants.

Elsewhere, the race is on for semiconductors; the United States is spending billions to boost manufacturing, while keeping an eye on China.