US Big Oil Earns $30 Million Per Hour Amid Iran War
An analysis by The Guardian, conducted with data from Global Witness and Rystad Energy, reveals that the top 100 oil and gas companies are generating an additional $30 million per hour in windfall profits due to rising petroleum prices following US President Donald Trump's unauthorized war against Iran. Since the conflict began in late February, Big Oil has accumulated $23 billion in extra profits in the first month alone. Projections indicate an additional $234 billion could be earned by year-end if oil prices remain near $100 per barrel. Major beneficiaries include Saudi Aramco, Kuwait Petroleum Corp., and ExxonMobil. The report highlights that these excess profits are effectively transferred from ordinary consumers and businesses facing higher energy costs. In response, dozens of nations have cut fuel taxes, reducing public service funding. Climate advocates and policy experts are urging governments to implement windfall profits taxes on fossil fuel companies. They argue that revenue from such taxes should be invested in renewable energy sources to accelerate the green transition and provide long-term relief to consumers, rather than deepening dependence on dirty energy sources during global crises.
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US Big Oil Earns $30 Million Per Hour Amid Iran War
An analysis by The Guardian, conducted with data from Global Witness and Rystad Energy, reveals that the top 100 oil and gas companies are generating an additional $30 million per hour in windfall profits due to rising petroleum prices following US President Donald Trump's unauthorized war against Iran. Since the conflict began in late February, Big Oil has accumulated $23 billion in extra profits in the first month alone. Projections indicate an additional $234 billion could be earned by year-end if oil prices remain near $100 per barrel. Major beneficiaries include Saudi Aramco, Kuwait Petroleum Corp., and ExxonMobil. The report highlights that these excess profits are effectively transferred from ordinary consumers and businesses facing higher energy costs. In response, dozens of nations have cut fuel taxes, reducing public service funding. Climate advocates and policy experts are urging governments to implement windfall profits taxes on fossil fuel companies. They argue that revenue from such taxes should be invested in renewable energy sources to accelerate the green transition and provide long-term relief to consumers, rather than deepening dependence on dirty energy sources during global crises.
Asia Times