for families and households. 0ne reliant on clean energy and one that doesn t continue expansion of fossil fuels. those high prices have brought in enormous profits for big oil. what is your message to those oil companies gushed about how should they be allocating these profits nowadays? these are windfall profits that they made off of war profiteering. the oil companies have known for decades that their business model, at their core business model, is exacerbating the climate crisis, which means we are seeing severe weather, fires and droughts and storms and flooding, depending on where you live. what that means is that if they continue to invest in expansion of oil and gas that we will only have more hardships for our families. instead, they have a role to play
he is now president of energy policy retail foundation in washington. a pleasure having you on the show. oil prices have pretty much stabilised somewhere around 85 bucks per barrel in recent months butjust under one year ago it topped out at close to $130 per barrel. that resulted in huge profits for the oil companies. critics will say, including your president and other world leaders, it looks like war profiteering. how does the industry defend that? last year there are periods when industry makes a lot of money, there are periods when it loses money. nobody ever says, the oil industry is losing money, maybe we should give them money. i m not sure war profiteering is a good comet. most of the oil industry, the price is set in the world market, the industry itself cannot lower the price, only thing it can do
border force staff at several ports, including calais, are on the second day of a 4 day strike about pay. you are watching bbc news. now talking business lets ta ke lets take a look on the show. on the show, the windfalls of war, $200 billion, total amount of profit last year alone by the world s major oil companies. president biden and other world leaders are accusing the oil companies of war profiteering at a time of a cost of living crisis not seen in a generation. instead of reaping the cash and paying much of it out to shareholders, should big oil be pumping it back into exploration, or even into the great
and we need to see the oil companies investing in a transition that will truly be an affordable one for families and households. those high prices have brought in enormous profits for big oil. what is your message to those oil companies gushed about how should they be allocating these profits nowadays? they be allocating these profits nowada s? , . ., , ., , nowadays? these are windfall profits that they made nowadays? these are windfall profits that they made off nowadays? these are windfall profits that they made off of nowadays? these are windfall profits that they made off of war that they made off of war profiteering. the oil companies have known for decades that their business model, at their core business model, at their core business model, at their core business model, is exacerbating the climate crisis, which means we are seeing severe weather, fires and droughts and storms and flooding, depending on where you live. what that means is that if they continue to invest
Democrat lawmakers have introduced a bill seeking to impose higher taxes on oil companies for what they claim are “windfall” profits made from “cartel pricing” strategies even as the Biden administration keeps enforcing policies which negatively affect the sector.