UN Chief Slams ‘Grotesque Greed’ Of Oil, Gas Companies

By Staff, Agencies

United Nations Secretary-General Antonio Guterres slammed the “grotesque greed” of oil and gas companies and their financial backers and urged governments globally to “tax these excessive profits” to support the most vulnerable people.

“It is immoral for oil and gas companies to be making record profits from this energy crisis on the backs of the poorest people and communities, at a massive cost to the climate,” Guterres told reporters on Wednesday.

The two largest United States oil companies – Exxon Mobil Corp and Chevron Corp – plus British-based Shell and France’s TotalEnergies combined earned nearly $51bn in the most recent quarter, almost double what the group brought in for the year-ago period.

“I urge all governments to tax these excessive profits, and use the funds to support the most vulnerable people through these difficult times. And I urge people everywhere to send a clear message to the fossil fuel industry and their financiers: that this grotesque greed is punishing the poorest and most vulnerable people, while destroying our only common home,” Guterres said.

Politicians and consumer advocates have criticized the oil companies for capitalizing on a global supply shortage to fatten profits and gouge consumers.