Stiglitz: Oil firms did nothing to deserve windfall profits PARIS: Nobel laureate economist Joseph Stiglitz says the world’s energy giants should pay a special tax on their massive profits. To him, the companies “didn’t do anything to deserve” the windfall. Oil and gas firms have raked in huge profits this year as energy prices have surged over supply fears after Russia, a major producer of the fossil fuels, invaded Ukraine in late February. “Sometimes we have this discussion: Are profits exploitation or are profits the just deserts of having invested more, putting out more effort,” Stiglitz said in an interview with AFP in Paris. “This is a particular case where there is no debate,” the 2001 Nobel winner said. “It is very clear that the oil companies didn’t do anything to deserve the high oil prices. It was (Russian President Vladimir) Putin’s invasion of Ukraine that was at the source of the problem,” Stiglitz said. The main international oil contract reached almost $140 per barrel in March, though it has since fallen under $100. Gas prices jumped to a record 345 euros per megawatt hours that same month.