Big Oil Reaps $30m Hourly War Windfall Amid Iran Conflict
An exclusive analysis reveals that the world’s top 100 oil and gas companies earned over $30 million per hour in unearned profits during the first month of the US-Israeli war in Iran. Driven by oil prices averaging $100 per barrel, these firms generated an estimated $23 billion in windfall profits in March alone. If prices remain stable, total extra profits could reach $234 billion by the end of 2026. Major beneficiaries include Saudi Aramco, Gazprom, and ExxonMobil, entities often criticized for blocking climate action. The surge in energy costs burdens consumers and businesses globally, prompting dozens of nations to cut fuel taxes, thereby reducing public service funding. In response, European finance ministers are urging the EU Commission to implement windfall taxes on these excessive profits to alleviate consumer burden and curb inflation. The conflict has also significantly boosted Russia’s oil export revenues, aiding its war effort in Ukraine. This situation highlights the intersection of geopolitical conflict, corporate profit, and the ongoing challenge of global climate policy.
Wire timeline
Big Oil Reaps $30m Hourly War Windfall Amid Iran Conflict
An exclusive analysis reveals that the world’s top 100 oil and gas companies earned over $30 million per hour in unearned profits during the first month of the US-Israeli war in Iran. Driven by oil prices averaging $100 per barrel, these firms generated an estimated $23 billion in windfall profits in March alone. If prices remain stable, total extra profits could reach $234 billion by the end of 2026. Major beneficiaries include Saudi Aramco, Gazprom, and ExxonMobil, entities often criticized for blocking climate action. The surge in energy costs burdens consumers and businesses globally, prompting dozens of nations to cut fuel taxes, thereby reducing public service funding. In response, European finance ministers are urging the EU Commission to implement windfall taxes on these excessive profits to alleviate consumer burden and curb inflation. The conflict has also significantly boosted Russia’s oil export revenues, aiding its war effort in Ukraine. This situation highlights the intersection of geopolitical conflict, corporate profit, and the ongoing challenge of global climate policy.
The Guardian