"Over the next few days, oil majors will report astronomical first-quarter profits, much of it earned on the back of a war that has already killed thousands and impoverished millions."
"Even if the strait of Hormuz reopens tomorrow, an obscene amount of money will continue to flow to oil coffers at the expense of ordinary people already struggling to afford fuel, electricity, and food."
The Middle East oil and gas crisis is projected to impose up to a trillion dollars in additional costs on the global economy, with petroleum companies benefiting from elevated prices. The International Monetary Fund estimates that even a return to normal operations in the Strait of Hormuz could lead to a $600 billion burden. Continued supply disruptions may push costs above $1 trillion, not accounting for inflation impacts. 350.org advocates for a windfall tax on excess profits to support social protection amid rising inequality and poverty.
Read at www.theguardian.com
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