$3 billion a day is the pure profit oil generates
Oil profit is obscene. Since the Nixon era, oil has generated $52 trillion in pure profit for the oil companies and regimes that own fossil fuel deposits. A new analysis published by The Guardian, 21 July 2022, shows just how much cash has been available to bribe the planet into submission:
‘The vast total captured by petrostates and fossil fuel companies since 1970 is $52tn, providing the power to “buy every politician, every system” and delay action on the climate crisis, says Prof Aviel Verbruggen, the author of the analysis. The huge profits were inflated by cartels of countries artificially restricting supply.’ – The Guardian.
Profit in trillion US dollars adjusted to 2020 prices. Guardian graphic.
We need to fight oil profit and wealth with a better vision
Oil producers should be forced to pay a carbon tax at the source of production. Revenues generated would be for the UN, used to fund planet-saving measures globally. Set at 10% of the net income illustrated above, this would mean a fund of $100-200 billion a year for United Nations climate measures. This would enable new infrastructure, new opportunities, and quality employment.
Hempoffset has a vision of a world where we don’t need fossil fuels to provide power and plastic. Because we can get all our needs from a plant: industrial hemp, grown at scale, globally. Hemp also captures more CO2 from the air than any other plant, so we can put out the fire. Captured carbon will build sustainable housing everywhere. Together, we can stop climate change by building a better world.
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The Petrodollar explained in 5 minutes
Image credits
Photo by Pixabay: https://www.pexels.com/photo/brown-wooden-house-under-blue-cloudy-sky-210137/
Photo by Harrison Haines: https://www.pexels.com/photo/white-and-pink-gasoline-station-near-ocean-2869635/
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Founder and CEO at Hempoffset.com and TaoClimate.com.
Hempoffset works with hemp growers and makers worldwide, to capture and sequester CO2 at scale, while building a sustainable world.
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