economy
Revealed: major oil firms make $93bn profits amid war and climate crisis
Iran conflict windfall over three months reignites calls for companies ‘cashing in on human misery’ to pay for environmental damage
TL;DR
- Eight major oil companies reported over $90 billion in profits in a single three-month period.
- Soaring energy prices, partly due to the Iran conflict, contributed to this windfall.
- The climate crisis, marked by deadly heatwaves, occurred concurrently with these record profits.
- Campaigners are demanding that oil companies fund environmental damage and renewable energy transitions.
- Companies like Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil are named.
- These firms collectively made over $700,000 per minute in profit during the quarter.
- Scientific analysis links emissions from these firms to increased frequency and severity of heatwaves.
- BP's profits doubled compared to the previous quarter, reaching $5.73 billion.
- Shell reported its second-highest quarterly profits ever at $9.84 billion.
- Chevron and ExxonMobil also saw significant profit increases, leading to criticism from Donald Trump.
- The article highlights the devastating impacts of the climate crisis, including heatwaves, droughts, wildfires, and extreme rainfall, and links them to fossil fuel emissions.