U.N. Secretary-General Antonio Guterres sharply criticized the “grotesque greed” of oil and gas companies on Wednesday for making record profits from the energy crisis on the back of the world’s poorest people, “while destroying our only home'
The U.N. Secretary-General Has Criticized the 'Grotesque Greed' of Oil Companies
He urged all governments to tax these excessive profits “and use the funds to support the most vulnerable people through these difficult times.” Guterres told reporters that “we are seeing excessive, scandalous profits of the oil and gas industry in a moment in which all of us are losing money” because of inflation around 7-8%. And “nothing will be more popular than to tax the excessive profits … and to distribute that money to the most vulnerable families,” he said.
Guterres said speculators and obstacles to getting grain and fertilizers to global markets during the Ukraine war sent food prices soaring. But since negotiations on the grain deal “gained traction,” he said, there has been “a significant fall” and today prices of most foodstuffs and fertilizers are more or less at their pre-war prices.
Falling prices are “good news,” Grynspan said, but they have been high for too long and since June forecasts for extreme poverty have risen by 71 million people and forecasts for food insecurity by 47 million.
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