Oil companies continue to enrich themselves – we need the windfall profits tax now!

Press Release Rasmus Andresen

Brussels, 12th of May 2022

Oil companies continue to enrich themselves – we need the windfall profits tax now!

The oil company Saudi Aramco has replaced Apple as the most valuable company in the world. The oil giant is now worth $2,430,000,000,000. In just 2 months, the share price has increased by more than 17%.

Rasmus Andresen, spokesman for the German Greens in the European Parliament and member of the Committee on Economic and Monetary Affairs, comments:

„Oil companies must fall in value, not rise! The traders of fossil energies are currently massively profiting from the increased prices due to the Ukraine war and are making billions in profits with it. This excess profit must also be taxed in Germany.

The consumers are massively burdened by the high prices and many slip into energy poverty, while some companies make high profits from it. Large energy companies must return part of their profits to our society. The revenue from the tax could finance further social relief in Germany or Europe.

European pioneers are Italy and Spain, but a law is also already being discussed in the USA. German finance minister Lindner must not continue to stand on the ideological brake. We now need to explore all options as quickly as possible to introduce such a tax.

In addition, to counteract the high prices, we need a much faster expansion of renewable energies. Short-term financial relief for consumers is important, but in the long term only independence from expensive fossil fuels will help.“

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