Earlier this yr I wrote a Twitter thread outlining why the revenue of electricity businesses would rise significantly this yr as a result of the gas value boosts resulting from the Ukraine war.
The reality is that the earnings have not enhanced by as a lot as I predicted. I have a extremely robust emotion that vitality firms will at this second be booking each individual reduction that they can uncover inside their businesses in a desperate attempt to disguise the scale to which they are benefitting as a consequence of war and the exploitation of persons about the environment.
Very well, certainly, at which stage he appears to be at BPs income.
There is blatant profiteering going on below. War is currently being exploited and as a consequence men and women will die. In the meantime shareholders will giggle all the way to the bank, financial investment in fossil fuels will increase and the earth will burn up.
What to do? I considered a tax would enable. I even now assume it may. But the price has to be near to 100%. This is what wartime conditions desire when exploitation happens. Just read Keynes on the challenge, writing in WW2.
It is also, you know, it’s possible, achievable to basically appear at the results introduced:
So considerably this calendar year BP has dropped over $10 billion of shareholders’ dollars. That’s the price of crafting down the investment in Rosneft. That is continue to net down $10 billion on the 50 % 12 months.
So, how considerably you gonna tax a organization shedding funds, Spuddo?
The alternative is cost capping. The government has to impose cost limits. And if the strength providers withdraw gasoline from the United kingdom sector as a final result it will be clear who is triggering this.
Facepalm. What occurs to costs at that level?