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States should tax windfall oil profits to fund their way out of crisis
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States should tax windfall oil profits to fund their way out of crisis

Al Jazeera·Ketan Joshi·28 days ago
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The last fossil fuel crisis caused incredible amounts of pain for the people of Europe. In 2022, after Russia invaded Ukraine, gas prices skyrocketed, resulting in the costs of energy rising to cripplingly high levels. Every European Union citizen overpaying for their fossil gas and power sent 150 euros ($175) to the United States per year, according to a recent report by the Centre for Research on Energy and Clean Air (CREA). That pain meant unprecedented profits for fossil fuel companies. In 2023, the world’s oil and gas industry earned a whopping $2.7 trillion, and invested just 4 percent of its capital expenditure in clean energy. These crises are moments of extreme injustice. Not only are people paying a price for fossil fuel use through the immediate climate impacts, but they are now suffering through increasingly frequent price crises where meals are skipped, jobs are lost, and lights are turned off.…

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