The head of the United Nations has accused oil and gas companies of “grotesque greed” and urged every government to impose a windfall tax on their “immoral” record profits.
António Guterres, UN secretary-general, said money made “on the backs of the poorest” must be returned to the most vulnerable households just days after BP and Shell reported massive profits in the wake of the Ukraine crisis.
Tony Wood, the head of the energy program at the Grattan Institute in an opinion piece in the AFR, says that the latest, six-monthly Gas Inquiry Report released on Monday by the Australian Competition and Consumer Commission (ACCC) does not go far enough.
The findings of the latest Gas Inquiry Report make for depressing reading. The concerns identified are severely harming both gas and electricity consumers, and we have not yet seen the worst.
We covered this report in an earlier show, and also discussed it last Tuesday on our live show with David Llewellyn Smith. Put simply the Energy cartel are taking Australians to the cleaners, and making excess profits in the process – largely war-induced thanks the Russia Ukraine situation. 97% of the Gas conglomerates are offshore owned, and so the excess profits are going offshore, whilst crippling the local economy, businesses and households.
Tony Wood makes the point that the stated objective of Australia’s national gas market is to supply natural gas services for the long-term interests of consumers. But this is simply not the market described in the latest ACCC report.
Today’s post is brought to you by Ribbon Property Consultants.
If you are buying your home in Sydney’s contentious market, you do not need to stand alone. This is the time you need to have Edwin from Ribbon Property Consultants standing along side you.
Buying property, is both challenging and adversarial. The vendor has a professional on their side.
Emotions run high – price discovery and price transparency are hard to find – then there is the wasted time and financial investment you make.
Edwin understands your needs. So why not engage a licensed professional to stand alongside you. With RPC you know you have: experience, knowledge, and master negotiators, looking after your best interest.
Shoot Ribbon an email on email@example.com & use promo code: DFA-WTW/MARTIN to receive your 10% DISCOUNT OFFER.
Find more at https://digitalfinanceanalytics.com/blog/ where you can subscribe to our research alerts
Please consider supporting our work via Patreon: https://www.patreon.com/DigitalFinanceAnalytics
Or make a one off contribution to help cover our costs via PayPal at: https://www.paypal.me/MartinDFA
We also can received bitcoins at: 13zBL1oRib9VJu8Uc9zUGNhxKDBBgUpDN1
Please share this post to help to spread the word about the state of things….
Caveat Emptor! Note: this is NOT financial or property advice!!