Santos profits from war and global fuel crisis
Extinction Rebellion Australia, 20 April 2026
XRSA joined Traditional Owners, First Nations community leaders and environmental campaigners in a protest outside the Santos 2026 AGM at the Adelaide Conference Centre.
XRSA rebels dressed as Santos Execs in an action to highlight the company’s climate destruction and war profiteering. They were accompanied by the beats of #DrumRebellion.
Santos is one of the world’s largest gas exporters, and Australia’s second-largest oil and gas firms, after Woodside.
Santos sends around 80% of their products overseas, paying virtually no tax and trampling on the rights of First Nations people. Its share price is rising as a direct result of US and Israel’s aggression against Iran. Meanwhile many Australians are struggling with the soaring cost of living, and recovering from severe floods and bushfires.
The United States’ and Israel’s illegal attacks on Iran and the subsequent closing of the Strait of Hormuz have highlighted just who benefits from an international oil crisis.
Greens Senator Steph Hodgins-May has called on gas bosses to front a Senate inquiry as pressure mounts for a proposed 25 per cent export tax amid soaring profits driven by the global energy crisis.
In a submission to the Senate Inquiry into the Taxation of Gas Resources, the Australia Institute estimated that such a tax could raise up to $17 billion per year.
The Australia Institute’s co-CEO Dr Richard Denniss will give evidence to the Senate inquiry this week.
“If Australia is to embrace progressive patriotism, as the Prime Minister calls it, or put Australia first, as Pauline Hanson says, then this is a once-in-a-generation opportunity to simultaneously repair the budget, improve the quality of public services and lower the cost of living,” said Dr Richard Denniss, co-CEO of the Australia Institute.
Australia does not charge royalties for gas extracted from its waters, instead applying a Petroleum Resource Rent Tax (PRRT) which the submission found to be “an abject failure”.
“If this parliament chooses to leave things largely unchanged, then it is choosing to put foreign-owned gas companies ahead of deficit repair and properly funding things like the NDIS, hospitals, schools and roads,” Dr Denniss said.
Last week marked the third Anniversary of XRSA’s Monday ‘Santos We Are Watching You’ SWAWY actions. Rebels gathered on took place on un-ceded Kaurna land with banners and drums to put this climate destroying, war profiteering rogue fossil fuel giant on notice: WE ARE NOT GOING AWAY!