Editorial of the “World”. The pressure increases on the energy groups. Faced with the outbreak of oil, gas and electricity courses, caused by the post-Covid global recovery and amplified by geopolitical tensions related to the Russian invasion of Ukraine, the main companies in the sector are called upon to Contribute to the collective effort to overcome the crisis. Western sanctions and uncertainties created by the conflict propelled energy prices to unsustainable levels for consumers. The sector, whose profits depend largely on the evolution of world prices, can not remain long as possible to mobilize Western societies to defend their values, their sovereignty, while accelerating the ecological transition.
Most states have already put in place devices to alleviate the consumer invoice. But these measures are very heavy on the budget. In France, the overall cost of “energy shield”, “inflation check” and other rebates in service stations already stands nearly 30 billion euros. And the counters continue to turn. Who can predict the end of tensions with Russia? Not to mention that we enter an era in which energy prices will be durably high. The diversification of our supplies to circumvent the Russian offer and especially the energy transition will inevitably bring costs. The state will not be able to play the dampers eternally.
The idea of taxing oil companies makes its way. In France, demagogy has often pushed some political leaders to make a national sport, according to the lessons of the barrel. However, the current episode is not of the same nature. In recent days, the International Energy Agency, the European Commission and the Organization for Economic Co-operation and Development (OECD) have encouraged the idea of an exceptional levy on the profits of large energy groups.
This initiative, from institutions that have nothing of Marxist offlicines, shows that a change of time is in progress. It is about defending European interests against Russia, while seizing the opportunity to reduce our dependence on fossil energies. There is a paradox evident that those who produce them are the main winners of the sequence.
Share the effort
All actors are not to put on the same foot. Some, such as electricity or gas suppliers, they themselves undergo market fluctuations. On the other hand, oil tankers are the annuitant of an exceptionally carrier context without them doing for much. Putting them would have nothing indecent. In 2021, Total released more than 13.5 billion euros of profits. By punctuating a fraction would help share efforts with consumers and taxpayers, without its economic model suffering. There is no reason for such companies to be at the top of their prosperity when the situation calls for the least affluent sacrifices and many companies that see their production costs explode.
A little before the start of the Russian offensive, the total CEO, Patrick Pouyanné, had announced an envelope of a few million euros to help its most precarious customers facing price rise. The initiative is no longer up to the stakes. Beyond a short-term contribution to bringing down fuel prices, it is urgent to allocate a portion of oil revenues to accelerate energy transition.