#windfall tax
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Truss Supports War Profiteering.
The energy producers are making obscene windfall profits on the backs of the war with Putin. Yet in Parliament yesterday, Liz Truss, on her first day as Prime Minister, supported the war profiteering behaviour of the oil and gas companies when she point-blank refused to impose a windfall tax on the obscene profits they are now making because of the war in Ukraine.
#Liz Truss#war profiteering#windfall tax#capitalism#energy crisis#politics#economics#UK#far right#greed
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Democrats don’t understand Economics 101
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SHALL WE ALLOW THE PARASITE ONE PERCENT TO OWN 50% OF EVERYTHING?
The increase in wealth has not been distributed fairly. The richest 1% of the global population increased their share of all the world’s wealth for a second year running to 46%, up from 44% in 2020.
#the parasite one percent#we eat you because we are full#windfall tax#tax the rich#billionaires are illegal aliens#inequality#credit suisse
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Bumper profits at BP have been labelled “heinous” and sparked renewed calls for a tougher windfall tax, after the oil and gas giant recorded one of its best ever starts to the year while Britons struggled to pay high energy bills.
The energy company said its underlying profits reached $5bn (£4bn) in the first three months of the year, outstripping analysts’ forecasts of $4.3bn.
It represents the second-best results for the first quarter it has notched up since 2012, when it made $4.7bn, behind last year’s $6.2bn.
BP said its results had been boosted by reduced refining costs, an “exceptional” result in its gas trading arm and a “very strong oil trading result”. Volatility in the energy markets has increased revenues in the trading divisions of oil companies.
The company said it would reward investors, buying back $1.75bn of its own shares, a slowdown on the $2.75bn bought during the previous quarter. Shares fell by 5% on Tuesday morning, making it one of the top fallers on the FTSE 100.
The results will return attention to the debate over whether oil and gas firms should face a harsher windfall tax on their profits.
#bp#energy industry#oil#oil and gas companies#business#windfall tax#bump#profits#boost#UK#news#via Energy100FM#world news
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Anyone else interested in the free market debates that have come up with regards to the current bout of inflation? (Fair warning, I didn't intend for it to be this long but it turned into a bit of a SHORT RANT (TM).)
I must admit, I'm particularly interested in the windfall tax that President Biden has recently proposed levying on oil companies as well as the varying perspectives that the arguments both for and against it come from.
On the one hand there's the arguments against the windfall tax which argue that it would disrupt the free market. The basic perspective seems to be that the oil companies took risks in funding production and that that risk is now being rewarded by increased profits. If we tax that profit, under this perspective, and reduce it in such a way, then we are, thus, disincentivizing any future investment in oil production which will then restrict supply and ensure higher prices for oil and gas in the future.
On the other hand, there's the arguments for the windfall tax which seem to argue that, because the circumstances of the rise in the price of oil are not of the companies' making and, in fact, are due to the actions of enemies of the United States and the west in general in an ongoing war, then taxing the profits made due to this event will in no way affect the normal economic incentives of oil companies. Additionally, they argue that the rise in oil prices due to the conflict has hurt the vast majority of Americans and therefore it is morally imperative to tax those who are benefiting from the rise oil prices in order to soften the blow for everyone else. Essentially, the fact that high oil prices are the result of direct actions by the governments of countries such as Russia and Saudi Arabia basically invalidates the idea that the price is set by a free market at all and justifies action by our own government to correct for the actions of other governments.
What I find most interesting about these two sets of arguments is how they basically argue past each other, one arguing the general case while the other argues the specific.
You'll notice that the argument against the windfall tax doesn't address any specific circumstances or any political issues at all, it simply takes a basic view that any shift in prices for any reason is simply the circumstance of the market and that any other issues are irrelevant. The argument in favor of the windfall tax, on the other hand, focuses very specifically on the geopolitical circumstances that have led both to high prices and to high profits.
What's particularly interesting to me is how these two different perspectives go back to the kinds of arguments we've been having about free market economics in general for a long time. Back in the 70s and 80s, after Goldwater and leading into the Raegan era, conservative thought in the United States basically posited that unregulated free markets would be more efficient than the system that was then in place. They argued that this more efficient free market would produce better outcomes for all Americans. Of note is the fact that, as the vast majority of Americans have not experienced better economic outcomes in the last 40 years compared to the outcomes of the previous 40 years, the argument has stopped being practical and has simply put forward the unregulated free market as a moral imperative.
Specifically, the argument that any government intervention in the economy would negatively impact both the economy and the economic standing of all Americans no longer seems to match the evidence of the last 40 years. In fact, it's become increasingly clear that the lack of government intervention over that time has allowed those with resources to use those resources to decrease the opportunity of anyone else to challenge their position and unfairly secure their market position. As the argument that the unregulated free market would improve the lives of all Americans has become less supported by evidence those who support the unregulated free market, rather than adjust their ideas, have simply declared it to be immoral for the government to intervene in the market.
I'll be honest, I don't expect the windfall tax to pass, but the fact that we're talking about it at all and that it was proposed by the President of the United States, no less, is evidence of the fact that a major change is taking place in how we think about economics and government. The position that the government should stay out of the economy in general is losing support at a fairly rapid rate, particularly among young people, and it's pretty clear that there's a significant demand for at least some government action to address serious distortions in our economy.
For myself I find it a little unfortunate that the "pro-free-market" position is becoming so ideological rather than adapting to evidence and changing opinion. While I support a good deal more government intervention in the economy than exists today, there is also value in some aspects of free market theory and it would be unfortunate for those aspects to be wiped away by too rapid of a pendulum swing as tends to be the case when the advocates of existing policies resist needed change for too long.
In any case, if you're interested in a good summary of the various perspectives on oil prices and a windfall tax, this is a reasonable roundup.
#short rant (tm)#politics#us politics#economics#free market#free market economics#free market theory#windfall tax
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रिलायंस इंडस्ट्रीज, ONGC और ऑयल इंडिया का खेल बिगाड़ेगा विंडफॉल टैक्स
रिलायंस इंडस्ट्रीज, ONGC और ऑयल इंडिया का खेल बिगाड़ेगा विंडफॉल टैक्स
केंद्र सरकार ने हाल में सेज रिफाइनरीज समेत सभी रिफाइनर्स पर डीजल, पेट्रोल और एयर टर्बाइन फ्यूल (ATF) के एक्सपोर्ट पर विंडफॉल टैक्स लगा दिया है। इसके अलावा, केंद्र सरकार ने डोमेस्टिक क्रूड आउटपुट पर सेस भी लगाया है। मार्केट एनालिस्ट्स का कहना है कि यह डिवेलपमेंट रिफाइनर्स को झटका देने वाला है, क्योंकि उन्होंने FY23 एस्टिमेट्स में तेज कटौती की है। एनालिस्ट्स का कहना है कि टैक्स का इस्तेमाल ऑटो…
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#Business News#Business News In Hindi#Hindi News#Hindustan#News in Hindi#Oil India#Oil India Business#ONGC#Reliance Industries#Reliance Industries Share#Reliance Industries Share Price#Reliance Industries Stock#Reliance Industries Stock Performance#Tax Impact on ONGC#Windfall Tax#Windfall Tax Impact#ऑयल इंडिया#ऑयल इंडिया न्यूज#ऑयल इंडिया बिजनेस#ओएनजीसी#ओएनजीसी शेयर प्राइस#रिलायंस इंडस्ट्रीज#रिलायंस इंडस्ट्रीज न्यूज#रिलायंस इंडस्ट्रीज बिजनेस#रिलायंस इंडस्ट्रीज शेयर#रिलायंस इंडस्ट्रीज स्टॉक#विंडफॉल टैक्स#विंडफॉल टैक्स का इंपैक्ट#हिन्दुस्तान
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Windfall tax: RIL's refining margins to be hit by upto $8/bbl, say analysts
Windfall tax: RIL’s refining margins to be hit by upto $8/bbl, say analysts
With the government making it clear that the new windfall tax will also be imposed on special economic zones, Reliance Industries’ gross refining margins (GRMs) will be negatively impacted by $6-8 a barrel, said analysts with Morgan Stanley and Jefferies.
“No sunset date has been specified, though we believe this is an extraordinary measure given the inflated profit environment in refining…
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#Diesel exports#Gasoline exports#Gross refining margins#Reliance#Reliance Industries#Reliance Industries Limited#RIL#RIL Refinery#RIL Taxation#Windfall tax
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Do not see govt slapping windfall tax after rise in energy prices: ONGC
The government is not looking to impose any new tax on windfall gains that oil and gas producers earned from shooting energy prices, India's top producer ONGC said Monday.
Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) reported bumper profits in the March quarter (when international prices soared to a near 14-year high of USD 139 per barrel) and record earnings in 2021-22, triggering talks of the government slapping a windfall tax.
"We have not received any communication on this," ONGC chairman and managing director Alka Mittal told a news conference here.
Last week, Oil India Ltd (OIL) Chairman SC Mishra stated the same.
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someone official on bbc news this morning saying that energy and gas bills ‘needed to increase or the companies getting them would go out of business’
no the fuck they wouldn’t???
extremely poor taste on his part to listen to a room full of vulnerable older people crying and saying they don’t know how they’re going to survive this winter, then come out and say ‘well the companies making record profits in the billions HAVE to charge you this much, there’s no other option.’
#solution: guillotine.#it’s been forecast to increase to about 4250 in january and i’ve heard rumours of it rising AGAIN to 6000 in april#and still afaik both candidates for pm refuse to even consider a windfall tax#because god forbid the megarich energy companies that finance and vote for the tory party not be pleased at every occasion#uk politics
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By Jessica Corbett
Common Dreams
May 7, 2024
The Groundwork Collaborative's leader also said that "the Department of Justice should criminally prosecute Scott Sheffield," the former Pioneer CEO whom the FTC blocked from joining ExxonMobil's board.
Groundwork Collaborative executive director Lindsay Owens on Tuesday responded to U.S. government allegations of fossil fuel industry price fixing with calls for federal prosecution and congressional action to return money to the American public.
"Americans have been working harder and harder to cover rising energy costs, with the understanding that supply chain snags and geopolitical forces were keeping prices high," Owens said. "Now the Federal Trade Commission has uncovered the real source behind the price at the pump: collusion."
"The Department of Justice should criminally prosecute Scott Sheffield and Congress should tax back the industry's windfall profits and issue every American a refund," she added, referring to Pioneer Natural Resources' founder and longtime CEO.
Owens' statement came after members of the Federal Trade Commission (FTC) declined to contest ExxonMobil's controversial $64.5 billion acquisition of Pioneer—which was completed Friday—but approved a consent order barring Sheffield from serving on Exxon's board of directors or as an adviser to the fossil fuel giant.
"This complaint is a wake-up call about the dangerous consolidation of Big Oil's economic and political power."
The FTC voted 3-2 to accept the order and place related documents on the record for public comment. Citing communications including in-person meetings, public statements, text messages, and WhatsApp conversations, a commission complaint accuses Sheffield of trying to collude with the representatives of the Organization of Petroleum Exporting Countries (OPEC) and OPEC+.
"Mr. Sheffield's past conduct makes it crystal clear that he should be nowhere near Exxon's boardroom. American consumers shouldn't pay unfair prices at the pump simply to pad a corporate executive's pocketbook," said Kyle Mach, deputy director of the FTC's Bureau of Competition. "The FTC will remain vigilant in its enforcement efforts to protect competition in these vital markets."
Pioneer toldFortune that the company and its founder "believe that the FTC's complaint reflects a fundamental misunderstanding of the U.S. and global oil markets and misreads the nature and intent of Mr. Sheffield's actions," but neither party would take "any steps to prevent the merger from closing."
ExxonMobil "learned of the FTC's allegations regarding Sheffield from the agency and said in a statement that they are 'entirely inconsistent with how we do business,'" according to Fortune. "Exxon has agreed to the terms of the consent decree," which also "prohibits the oil giant from appointing any Pioneer employee or director to its board for five years."
Still, since the FTC's allegations were initially reported by The Wall Street Journal last week and then confirmed with the complaint's release, demands for additional action by the U.S. Department of Justice (DOJ) and Congress have mounted.
Cassidy DiPaola, Fossil Free Media's director of communications, on Monday called the complaint "explosive" and said that Democrats "must respond with bold action to hold this rogue industry accountable," including:
Aggressive congressional and DOJ investigations into the full extent of Big Oil's price fixing;
A windfall profits tax to claw back ill-gotten gains; and
End taxpayer subsidies for oil and gas.
"But accountability is just the first step. This complaint is a wake-up call about the dangerous consolidation of Big Oil's economic and political power. We can't let them use megamergers to entrench their control and crush clean energy competition," she stressed. "Ultimately, this is about the future we choose: One where we remain at the mercy of Big Oil's greed and destruction, or one where clean, democratically controlled energy powers our communities. It's time to make the right choice."
In response to the Journal's reporting, Tyson Slocum, director of Public Citizen's Energy Program, similarly said that "Congress must immediately hold hearings on Big Oil's alleged collusion with OPEC to raise gasoline prices for Americans."
"Congress must not only investigate Pioneer's alleged role in conspiring with OPEC, but whether there existed a broader conspiracy by U.S. oil companies to collude with OPEC nations," he argued. "Big Oil must be held accountable for any conspiracy by or among American oil companies and OPEC members."
The reporting was notably published on the same day as the U.S. Senate Budget Committee's hearing about a nearly three-year investigation into fossil fuel companies and trade groups' decadeslong "campaign of deception and distraction," which has evolved from denying the planet-heating impact of their products to pretending to be part of the solution to the climate emergency.
"The joint report and documents we discovered show how, time and again, the biggest oil and gas corporations say one thing for the purposes of public consumption but do something completely different to protect their profits," Rep. Jamie Raskin (D-Md.), the ranking member on the House Oversight Committee, testified during the hearing. "Company officials will admit the terrifying reality of their business model behind closed doors but say something entirely different, false, and soothing to the public."
#groundwork collaborative#public citizen#scott sheffield#doj#ftc#big oil#oil and gas industry#fossil fuels#windfall profits tax#gas prices#price fixing
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I’m playing the sims 3 currently and the neighborhood I’ve picked is lucky palms ✨
I think this is meant to be a cross between las vegas and palm springs but honestly I don’t know
what’s killing me about this world is how gambling is a skill. It’s gambling. unless you’re counting cards, there isn’t any skill involved here.
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Hey guys. Wanna know something kind of funny. So I said a few days ago I was getting a paycheck from a place I was too cowardly to pick up my last paycheck from because of the way i quit, like the state sent me a letter saying its theirs in a month unless i claim it? Okay that just happened again. Like from another job. So now I'll have two paychecks coming. Like this is money I worked for and got taxed on, but it's kind of funny theyre coming all at once.
#i mean. unexpected windfall lol#its like a tax return#its literally just my money but i wasnt expecting it so its fun#plus im saving to move out again so this helps a lot
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Excerpt from this story from EcoWatch:
UN Secretary-General António Guterres issued a bold proposal during his opening remarks to the UN General Assembly on Tuesday: tax fossil fuel companies to help those suffering from the climate and cost-of-living crises.
Guterres’ proposal, also known as a windfall tax, comes at the close of a summer that saw extreme weather events worldwide and record fossil-fuel profits following Russia’s invasion of Ukraine.
“[T]he fossil fuel industry is feasting on hundreds of billions of dollars in subsidies and windfall profits while household budgets shrink and our planet burns,” Guterres said, according to a UN transcript of his speech.
Guterres specifically called on developed nations to tax fossil fuel companies’ windfall profits. While ordinary people have dealt with rising prices at the gas pump and escalating heating bills, major energy companies have enjoyed record profits since Russia’s invasion of Ukraine prompted an energy shortage, as AP News noted. ExxonMobil announced a record quarterly profit of $17.8 billion in July and Chevron a record three-month profit of $11.6 billion, according to The Guardian.
Guterres was also clear on how the tax should be used.
“Those funds should be re-directed in two ways: to countries suffering loss and damage caused by the climate crisis; and to people struggling with rising food and energy prices,” he said.
“Loss and damage” has been a sticking point at international climate negotiations. It refers to the idea that wealthier nations that have done more to contribute to the climate crisis historically should pay for the harm caused to developing nations that have not emitted nearly as many greenhouse gases. The issue is expected to be a major talking point at the upcoming COP27 climate conference in Sharm El-Sheikh, Egypt, but richer countries have already been accused of scuppering the discussion at preliminary talks in Bonn, Germany this June.
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