On July 28, French power large TotalEnergies introduced greater than €17.7 billion in revenue ($18.8 billion) within the first half of 2022, a three-fold improve over the identical interval final 12 months. The company has invoked elevated oil and gasoline costs pushed by the NATO-Russia struggle in Ukraine to justify an enormous spike in gas costs. In actuality, it’s utilizing the Ukraine disaster to extract billions from the pockets of staff in France and internationally.

A TotalEnergies filling station in Paris, France [Photo by Chabe01 / CC BY-SA 4.0]

This phenomena shouldn’t be restricted to only Whole or France. A number of oil and power companies posted document income within the second quarter of 2022. In simply three months, ExxonMobile made income of $17.9 billion, Chevron $11.6 billion, and Shell Oil $11.6 billion.

The 6.1 % inflation fee recorded in France on the finish of July is the best ever. Gasoline costs have been one of many principal drivers of rising prices. Nationwide averages for petrol costs peaked at €2.12 per liter in early June earlier than reaching €1.85 per liter firstly of August, a rise of €0.30 from a 12 months in the past.

Though French president Emmanuel Macron demagogically denounced “struggle profiteers” who would search to make use of the struggle in Ukraine to extend income at June’s G7 assembly, his authorities is giving its full assist to Whole’s struggle profiteering.

In a Senate debate, as a movement to position a pitiful “distinctive solidarity contribution” on Whole’s document income was rejected, Economic system and Finance Minister Bruno Le Maire defended Whole. He mentioned that companies additionally “bear the burden of inflation,” claiming that the “greatest method for an organization to [aid society] is to not be taxed, however to extend the salaries of its workers.”

Each claims are preposterous. Whole’s year-on-year revenue improve of over 300 % within the first six months of 2022 is 50 occasions bigger than France’s 6.1 % inflation fee. In the meantime, Whole Power has not elevated staff’ salaries by a cent regardless of inflation; since 2020, the company has minimize 6,500 jobs internationally, together with 1,100 in France.

Analyzing Whole’s “tremendous income” and tax evasion practices, economist Maxime Combes explains how its “income are rising in any respect levels of its manufacturing course of, with out the company having to vary something in its manufacturing course of.” That’s, Whole’s document income are pushed routinely by the rise of oil on world monetary markets. Moreover the elevated exploitation of its workforce by refusing to grant them raises as costs surge, it has not taken any motion to acquire these windfall income.

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