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The profit is going Russia who supplies the majority of Europe's gas. There's nothing to seize since they can turn off the tap and Europe will literally freeze.
by short_sells_poo 4y ago
The profit is going Russia who supplies the majority of Europe's gas. There's nothing to seize since they can turn off the tap and Europe will literally freeze.
Basically, Europe is buying less than half the usual supply of gas at 6x the price right now :(
- ZeroGravitas 4y agoNorway made three times as much this year from gas sales. It's a market, and the thing that is causing the price spikes is Russia cutting off their supply. They'll still profit from the higher prices on the reduced supply, but so will everyone else who sells on the market at the market price. Basically war profiteering.
- mimikatz 4y agoEconomics is a science. If you try to push one way on the market price you will get problems on the other side, this is the same way you can't get past the laws of thermodynamics) . The cost of reducing people's profits (or cost is what we are talking about) will be shortages because people will still be willing to pay for more electricity at a higher price, they just won't be able to find it because it was sold at a lower price.
- ZeroGravitas 4y agoI explicitly dont want to reduce the price of gas. Because high prices make people use less and switch to alternatives, which is what is required when you are short on something. But siezing the windfall profits is also basic economics orthodoxy. https://theguardian.com/australia-news/2022/jul/19/nobel-prize-winning-economist-joseph-stiglitz-calls-for-windfall-profits-tax-in-australia https://theguardian.com/australia-news/2022/jul/19/nobel-pri... > The Nobel prize-winning economist Joseph Stiglitz has called for a windfall profits tax, arguing the idea is a “no-brainer” that has been taken off the table due to the influence of big companies
- rasz 4y agoArranging a little explosive Nord Stream accident should be quite easy. No more Russian profits for couple of months.