Oil and gas companies should invest profits in climate action: Steven GuilbeaultOTTAWA — Oil and gas companies can show their commitment to climate action by investing some of their record profits to cut their emissions, Environment Minister Steven Guilbeault said Friday. Canadian oil companies are reaping the benefits of surging oil prices following the Russian invasion of Ukraine with many companies posting record profits in the first half of 2022. Guilbeault says neither he nor the government is stoutly against windfall taxes that could redirect some of those profits to people or climate action. A surge in global oil prices following the Russian invasion in Ukraine sent oil company profits through the roof. Collins said "oil companies are making record profits" and the government should tax them to "help put more money back in people's pockets."

Source: National Post September 24, 2022 00:05 UTC