A quarter of a trillion profits for “Big Oil” since the outbreak of war in Ukraine

Remember, some of these gains were achieved in the hottest year since records began: 2023 Global average temperature 1.5 degrees above pre-industrial levels. Responsible for: Those who gleefully burn fossil fuels like oil, gas, and coal, from whose extraction and sale this record profit was made.

Oil companies are the biggest winners from the crisis

“Whatever happens up front, the analysis shows that fossil fuel companies are the main winners in the war in Ukraine,” he says. Patrick jokedAnalyst at Global Witness.

“They have amassed enormous wealth on a backdrop of death, destruction and rising energy prices. Now they spend their profits on investor gifts and oil and gas production that Europe does not need and the climate cannot tolerate.

A “new playbook” for such events was called for last week Isabella WeberAn economics professor at the University of Massachusetts, in an investigation European Parliament.

“The energy crisis is the worst time for most Europeans, but the best time for energy companies,” Weber said. “When emergencies generate record profits in critical sectors, the interests of the public and corporations are not aligned.”

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