Skip to main content
Tags: united nations | gas prices | oil | economy | shortages

UN Chief: Tax 'Immoral' Fuel Company Profits Amid Ukraine Crisis

UN Chief: Tax 'Immoral' Fuel Company Profits Amid Ukraine Crisis
Gas prices are displayed at an Exxon gas station in Houston, Texas. (Brandon Bell/Getty Images)

By    |   Wednesday, 03 August 2022 05:13 PM EDT

U.N. Secretary-General Antonio Guterres called for taxing the "immoral" profits of fuel companies during the current energy crisis caused by the war between Russia and Ukraine.

"The war in Ukraine continues to have a devastating impact on the people of that country. Civilians are dying in the most tragic circumstances every day. Millions of lives have been destroyed or put on hold," Guterres said during a press conference Wednesday. "But the war is also having a huge and multidimensional impact far beyond Ukraine, through a threefold crisis of access to food, energy, and finance. 

"Household budgets everywhere are feeling the pinch from high food, transport, and energy prices, fueled by climate breakdown and war. This threatens a starvation crisis for the poorest households, and severe cutbacks for those on average incomes."

Guterres was highlighting a report from the Global Response Crisis Group released Wednesday that warns as many as 345 million in 82 countries around the world will be pushed into "food insecurity," with 47 million of those directly caused by the ongoing conflict in the Ukraine.

Oil and natural gas are also among the commodities being impacted due to the fighting since Russia invaded Ukraine on Feb. 24, driving prices higher.

"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 and at a massive cost to the climate. The combined profits of the largest energy companies in the first quarter of this year are close to $100 billion," he said. "I urge all governments to tax these excessive profits and use the funds to support the most vulnerable people through these difficult times. 

"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, the planet."

In addition to taxing fuel companies, Guterres also called for all countries, especially developed nations, to conserve and manage usage of the resources they have and look at using more renewable energy sources.

"Conserving energy, promoting public transport and nature-based solutions are essential components of that," he said. "Third, we need to accelerate the transition to renewables, which in most cases are cheaper than fossil fuels."

The report issued a "10-point plan" to reduce oil use by making public transportation cheaper and encouraging bicycling and walking, as well as limiting the use of private cars in large cities and allowing "work from home" during the week to help mitigate the situation.

"Developing countries will therefore need sustainable responses that prioritize vulnerable households, communities, and populations," the report said in part, pointing out that as many as 2.4 billion people worldwide still lack access to electricity and "clean cooking."

"Yet while countries make every effort to bolster supply, they must also consider how to manage energy demand to best prioritize those in need," the report said. "The implementation of community energy programs for local and productive uses, such as lighting, among small businesses, local agriculture, health facilities and schools, can help."

© 2026 Newsmax. All rights reserved.


Newsfront
U.N. Secretary-General Antonio Guterres called for taxing the "immoral" profits of fuel companies during the current energy crisis caused by the war between Russia and Ukraine.
united nations, gas prices, oil, economy, shortages
518
2022-13-03
Wednesday, 03 August 2022 05:13 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Interest-Based Advertising | Do not sell or share my personal information

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the Newsmax App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved