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Shell CEO supports additional tax but advises against capping gas prices

The UK supermajor agrees with companies preferring a tax on energy companies rather than a cap on gas prices – for the sake of the poor, CEO notes.

Photo: SHELL

European governments should tax energy companies to help those of limited means, but refrain from imposing a cap on gas prices, says Shell Chief Executive Ben van Beurden at a press conference in London, according to Reuters.

In his view, high energy prices and significant volatility collide to set off social instability.

”You cannot have a market that behaves in such a way ... that is going to damage a significant part of society,” the CEO says:

”One way or another there needs to be government intervention that somehow results in protecting the poorest.”

This could mean that governments ”need to tax people in this room to pay for it,” he said. A spokesperson from Shell clarifies that van Beurden was referring to companies rather than individuals present in the room.

On the other hand, government should refrain from capping gas prices in Europe, he argues:

”The solution should not be government intervention but protection of those who need protection.”

The CEO also struggles to see how a potential price ceiling on Russian oil, currently being discussed among EU lawmakers, would work.

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