{"id":1640819,"date":"2022-09-14T11:04:19","date_gmt":"2022-09-14T15:04:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1640819"},"modified":"2022-09-14T11:05:37","modified_gmt":"2022-09-14T15:05:37","slug":"european-union-social-market-economy-might-redistribute-fossil-fuel-profits","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/european-union-social-market-economy-might-redistribute-fossil-fuel-profits\/","title":{"rendered":"European Union \u2018Social Market Economy\u2019 Might Redistribute Fossil Fuel Profits"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Feuropean-union-social-market-economy-might-redistribute-fossil-fuel-profits%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1640819&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"http:\/\/dailywire.com\/topic\/europe\" target=\"_blank\" rel=\"noopener\">European<\/a> Commission President Ursula von der Leyen said on Wednesday that the <a href=\"http:\/\/dailywire.com\/topic\/european-union\" target=\"_blank\" rel=\"noopener\">European Union<\/a> might redistribute profits from <a href=\"http:\/\/dailywire.com\/topic\/oil-and-gas\" target=\"_blank\" rel=\"noopener\">fossil fuel<\/a> companies and impose <a href=\"http:\/\/dailywire.com\/topic\/energy\" target=\"_blank\" rel=\"noopener\">energy<\/a> consumption limits.<\/p>\n<p>The bloc is currently weighing <a href=\"https:\/\/www.dailywire.com\/news\/european-union-questions-russian-oil-price-cap-considers-making-fossil-fuel-companies-pay-a-solidarity-contribution\">various measures<\/a> to help member states cope with a freeze in Russian energy exports \u2014 including natural gas shipments through the Nord Stream 1 pipeline, which Russia <a href=\"https:\/\/www.dailywire.com\/news\/let-the-wolfs-tail-freeze-putin-doubles-down-on-halting-natural-gas-flow-to-western-europe\">paused<\/a> in reaction to Western support of Ukraine. In her State of the Union <a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/speech_22_5493\">address<\/a>, von der Leyen asserted that Russia is largely responsible for the energy crisis.<\/p>\n<p>\u201cRussia keeps on actively manipulating our energy market,\u201d von der Leyen said, noting that natural gas prices have recently increased more than tenfold. \u201cBut Europeans are also coping courageously with this.\u201d<\/p>\n<p>Multiple European countries are <a href=\"https:\/\/www.dailywire.com\/news\/switzerland-may-jail-people-who-turn-heat-above-66-degrees-this-winter\">imposing regulations<\/a> for thermostat and appliance usage. However, von der Leyen announced that she would propose standards for European Union member states to reduce \u201coverall electricity consumption,\u201d funded by redistributing profits from energy companies.<\/p>\n<p>\u201cWe are proposing a cap on the revenues of companies that produce electricity at a low cost. These companies are making revenues they never accounted for, they never even dreamt of,\u201d von der Leyen said. \u201cIn our social market economy, profits are good. But in these times it is wrong to receive extraordinary record profits benefitting from war and on the back of consumers. In these times, profits must be shared and channeled to those who need it the most.\u201d<\/p>\n<p>Russian shipments accounted for 40% of the European natural gas supply last year \u2014 a rate that has since dropped to 9%. However, Germany \u2014 the continent\u2019s largest economy \u2014 has seen dependence decrease from 55% to 35%.<\/p>\n<p>Von der Leyen argued that fossil fuel producers have a \u201cspecial duty\u201d to aid with the crisis. \u201cMajor oil, gas and coal companies are also making huge profits. So they have to pay a fair share \u2014 they have to give a crisis contribution,\u201d she added. \u201cThese are all emergency and temporary measures we are working on, including our discussions on price caps.\u201d<\/p>\n<p>The European Union, in accordance with the European Green Deal and the Paris Climate Agreement, abides by the <a href=\"https:\/\/ec.europa.eu\/clima\/eu-action\/climate-strategies-targets\/2050-long-term-strategy_en\">official goal<\/a> of becoming \u201ca climate-neutral society\u201d by 2050.<\/p>\n<p>Though von der Leyen <a href=\"https:\/\/www.dailywire.com\/news\/european-union-intends-to-flatten-the-curve-for-electricity-use\">acknowledged<\/a> last week that low hydropower generation caused by droughts is partially responsible for high energy prices in Europe, she said that \u201cthe climate crisis\u201d is the ultimate impetus for the weather conditions and called for the elimination of all fossil fuel dependence.<\/p>\n<p>\u201cHalf a century ago, in the 1970s, the world faced another fossil fuel crisis. Some of us remember the car-free weekends to save energy. Yet we kept driving on the same road. We did not get rid of our dependency on oil. And worse, fossil fuels were even massively subsidized,\u201d she continued. \u201cThis was wrong, not just for the climate, but also for our public finances, and our independence. And we are still paying for this today. Only a few visionaries understood that the real problem was fossil fuels themselves, not just their price.\u201d<\/p>\n<p>In a departure from other European leaders, however, incoming British Prime Minister Liz Truss <a href=\"https:\/\/www.dailywire.com\/news\/british-prime-minister-liz-truss-unveils-package-to-cut-soaring-fuel-prices-offers-reforms-so-we-are-never-in-this-position-again\">proposed legislation<\/a> last week to open the North Sea for oil and gas drilling, as well as to facilitate the construction of more nuclear power plants. Other countries, such as Germany and Switzerland, have been slowly shuttering their remaining nuclear facilities in reaction to the 2011 meltdown in Fukushima, Japan.<\/p>\n<p>\u201cEnergy policy over the past decades has not focused enough on securing supply,\u201d Truss told the House of Commons. \u201cAll of this has left us vulnerable to volatile global markets and malign actors in an increasingly geopolitical world.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>European Commission President Ursula von der Leyen said on Wednesday that the European Union might redistribute profits from fossil fuel companies and impose energy consumption limits. The bloc is currently weighing various measures to help member states cope with a freeze in Russian energy exports \u2014 including natural gas shipments through the Nord Stream 1 &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1640821,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1640819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1640819","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1640819"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1640819\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1640821"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1640819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1640819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1640819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}