Saudi Aramco posted $48.4 billion in quarterly profit, a 90% year-on-year jump, while household heating bills have surged 400% and families choose between warmth and food. Rob Moore argues the problem isn't greedy companies but governments that refuse windfall taxes or price caps.
Saudi record oil profits, but the question is, is this a disgrace? So Saudi oil company Aramco have just made a $48.4 billion profit in the last quarter, not in the last year, in the last quarter. Their profits are up 90% year on year. They will be taking an $18+ billion dividend. And in fact, I believe Bloomberg have said that this is the largest ever recorded quarterly profit from a publicly listed company. So my question to you is, is this a disgrace? Now, I have no problem with a company making profits. I have no problems with fast-growing company profits. After all, a company needs to make profit. It needs to pay its shareholders, no problem. However, when some people are having to choose between heating and eating, when we are in a cost of living crisis, literally a crisis, when heating and energy bills are going up 400%, Yet oil and gas and energy companies are making record profits. Billions, no, tens of billions. Not a year, a quarter. $48.4 billion profit in a quarter. A disgrace? Let me know what you think. Now, a lot of people are going to think, "Greedy, evil oil companies." But in my personal view, it's not the responsibility of the companies to make less profit. "Oh, there's an energy crisis, there's a shortage. Let's make no money this year." That's not their responsibility. The responsibility to ensure that profits are fair and importantly savings are fairly distributed is in governments. The governments, they're the ones that control antitrust, anti-monopoly, they create the tax system. And to me They are the ones to blame, not the oil, gas, and energy companies. Let me know what you think about that, by the way. Ian has said, isn't it reflecting the law of supply and demand? Well, Ian, in many ways, yes. Obviously, because there's limited supply of fuel, then prices increase. You're absolutely right. Supply and demand. As supply goes down, um, prices go up. But there's such a thing called a windfall tax. Now, I'm not a big fan of too much taxation. I think that it hinders growth. I think that it's often unfair, and I think that many governments waste the revenue. But when you have record profits in a record cost of living crisis— because we have both of those, by the way— do you know your cost of living is the highest it's been since the Second World War. Yet there are record company profits for oil and gas and energy companies. That doesn't make sense. And in instances like this, we have what's called a windfall tax. A windfall tax is just an extra short-term tax when companies make larger irregular profits. And surely, look, like I said, I'm not a fan of onerous taxation, but surely it makes sense that fuel, the savings should be passed to our fuel, the savings should be passed to our heating. How can a normal family have their heating and electricity go up 400% but the suppliers who supply them make record profits of nearly $50 billion a quarter. That is fucked up. There is something gravely wrong with that. And I'm not a socialist and I'm not a communist, by the way. It's just outrageously unfair. And by the way, all the people are going to be blaming Aramco, they're going to be blaming Shell, they're going to be blaming BP and all these big greedy oil and gas companies. You can't blame them. Their purpose is to make profit. If they can increase their prices, they will. The onus, the responsibility, the obligation is on our fucking governments, but they are not helping. It is wildly unfair that someone that is in the working class, that is on the breadline, has to pay 400% more, £5,000 a year, just to heat their house when companies can make nearly $50 billion a quarter in profit, record profits, 90% year on year. It's fucking wrong. At least that's what I think. I would love to know what you think. Ran over. Breaking news. Saudi Arabia oil company Aramco have made record $48.4 billion profit this quarter. Even the dog doesn't like it. Exactly, Ralph. It's outrageous. And they're drawing $18-something billion in dividend. And like I said, don't blame them, blame the government. The government should be implementing a one-off windfall tax, or creating energy caps, or restricting the amount that our energy bills can go up. And they're doing nothing, and it's fucking outrageous. Let me know what you think. Hit the share button because we need to speak up about these things. If we don't speak up about these things and stand up for these things— and by the way, I'm not in the working class. So I'm fortunate enough that I can handle this increase. So I'm speaking for the people. And by the way, my energy on some of my property portfolio, not all of it, my bills have gone up £200,000 a year. So yeah, doesn't seem right. Sheila has said, yes, good for them, we should fix our mess. Exactly. Where's the windfall tax? Where's the cap? On energy. Here's the thing with the government, they intervene way too much when they shouldn't, like second lockdown and third soft lockdown and massive taxes. And then when they should intervene, windfall taxes, etc., they don't. Energy caps, they don't. Come on, government, wake up, sort it out. Fuck, you're ruining our country. Come on. Look, I'm not saying that I'm a fan of oil, gas, and energy companies making $50 billion a quarter. But I kind of in a way want to stand up for companies making profit. It's not their responsibility. It's their responsibility to make profit for the shareholders. And loads of people are going to slate the greedy, powerful, massive corporations. But the government don't— anyway, I've said enough. I'm going to say something I'll probably regret here. So let me know what you think. Do you agree that the government should be stepping in, giving windfall taxes, better energy caps, and passing on these massive wild profits to the people? If you do, let me know in the comments and hit the share button. Thanks for tuning in. While these oil and gas companies are making tens of billions of dollars in profit, People's energy has gone up 400%. Their bills have gone up 400%. They're paying £5,000 a year just to heat their house. What the fuck? What the actual fuck? Hit the share button. Let me know what you think in the comments. Thanks for tuning in. Let's all speak out about this. We put these people in power. We need to hold them accountable. And remember this: if you don't risk anything, you risk everything.
