Total as an Oil Robin Hood? A call for big oil company profits to go back to the people

Ségolène Royal (left) was the Socialist candidate who lost the French Presidential election and is currently the president of the Poitou-Charentes region. She said last weekend that Total, the big French oil company whose CEO thinks gas is cheap, should give back part of its profits to the people. Her idea is to have the company investing up to 80 percent of those profits in renewable energies. She said that this would help France be ready for the post-oil era. In addition, Paris Mayor Bertrand Delanoë (right), who also belongs to the Socialist Party, added that, "Oil companies' profits should be heavily taxed because they're earning a lot of money during a terrible crisis."

While the current French government claimed that Ms. Royal was "exaggerating as usual," Total is, indeed, helping France. Total has given between €140 and 200 million to the French government in January and will likely give some more this summer.

[Source: Libération]

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