Tax & Accounting News

Shell CEO Says Governments Have to Tax Big Energy to Help the Poor

Shell CEO Says Governments Have to Tax Big Energy to Help the Poor

In a move that would make Robin Hood proud, Shell CEO Ben van Beurden has said that governments must intervene to stem Europe's fuel crisis by taxing wealthy energy companies to help the poor.

Speaking Tuesday at the Energy Intelligence Forum, a major conference for oil and gas companies in London, the Chief Executive Officer said, “One way or another there needs to be government intervention. Protecting the poorest, that probably may then mean that governments need to tax people in this room to pay for it.”

EuroNews reports that European nations face "unprecedented risks" of natural gas shortages following Russia's recent move to halt pipeline shipments amid its ongoing war with the Ukraine.

The International Energy Agency has recommended that homeowners throughout the EU need to turn down their thermostats in an emergency measure to help reduce Europe's gas usage by 13% in preparation for a complete gas cut-off. 

Nations all over the continent are bracing for winter as temperatures fall and fuel prices continue rising. 

One potential solution that has been discussed by European Union ministers is a cap on the price of natural gas to assist consumers, especially those who have low incomes. 

Per Bloomberg, van Beurden criticized this approach in his comments today, however. The executive indicated that large corporations like Shell and its competitors would struggle to send additional natural gas shipments to Europe without a price incentive.

He said, “We will do our best to bring gas to Europe where it’s needed, but if the market signal is not there it’s going to be really challenging."

According to a 2014 report about cold weather related deaths in Europe, about 200,000 such deaths occur annually, with the mortality rate increasing approximately 1.5% for every 1-degree Celsisus decrease. 

This means that unless a solution is reached quickly, the death toll caused by the European energy crisis could mount.

What do you think about van Beurden's comments?

You Might Also Enjoy:

share this post
Search for matches...
Rebekah Barton

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

Recommended Professionals

In the face of economic uncertainty, TaxBuzz is the industry's most up-to-date tax information.

Join 60,000 who get our weekly newsletter. No spam.

Need help selecting a firm?

Use our specialized search engine and get matched to the best accounting and tax firm for your needs.

Related Posts

Latest Posts