In a striking report, eight of the largest oil corporations have collectively generated profits surpassing $90 billion within just three months. This staggering figure comes at a time when energy prices have surged due to the ongoing conflict with Iran, which has exacerbated supply issues, leading to calls for accountability. According to experts, the remarkable earnings highlight a concerning trend, especially as even former President Donald Trump has voiced criticism, urging these companies to cease exploiting high prices.
The analysis conducted by The Guardian reveals that these companies, including Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil, amassed nearly $93 billion in profits for the quarter ending in June. This period marks the first complete financial quarter following a military conflict involving the U.S., Israel, and Iran, which triggered a significant spike in global oil prices.
Utilizing the most significant disruptions to fossil fuel supplies in history, these firms nearly doubled their combined profits, which were slightly under $50 billion during the same period last year. The data indicates that these eight oil companies earned over $700,000 per minute during the spring quarter.
A recent scientific study published last September directly linked carbon emissions from the world’s largest oil corporations to instances of deadly heatwaves, concluding that emissions from each of the 14 largest companies could have contributed to more than 50 heatwaves that would have otherwise been nearly impossible.
Saudi Aramco led the profit surge with a 34% increase in net quarterly profit, exceeding $33 billion, despite experiencing infrastructure damage from drone and missile attacks conducted by Iranian forces and Houthi militants.
On Tuesday, BP reported a quarterly profit of approximately $5.73 billion, marking its highest earnings since the onset of Russia’s full-scale war against Ukraine and more than double the $2.5 billion recorded in the previous quarter.
In the U.S., the reported profits of Chevron and ExxonMobil have drawn sharp criticism from Trump. He accused both companies of excessively profiting from his administration’s military actions against Iran, threatening that they may have to return their gains to the public amid upcoming congressional elections and declining support for him.
Chevron reported a net profit of $12.2 billion for the second quarter, marking a more than fivefold increase from the same period last year, while ExxonMobil posted a profit of $14.5 billion, doubling its earnings from the previous year and achieving the highest quarterly results since the 2022 Russian invasion of Ukraine.
As one expert remarked, “It is clear that oil companies are taking advantage of the situation, especially since even Donald Trump, one of their most prominent allies, is calling for an end to their exploitation of high prices.”
Source: The Guardian
