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https://www.theguardian.com/business/ng-interactive/2026/aug/04/revealed-major-oil-firms-make-93bn-profits-amid-war-and-climate-crisis>
"Eight of the biggest oil companies amassed profits of more than $90bn (£67bn)
in just three months as the Iran conflict sent energy prices soaring and the
emissions-fuelled climate crisis caused deadly heatwaves.
The windfall war profits have reignited calls for oil and gas supermajors such
as Saudi Aramco and BP to pay for the environmental damage caused by “cashing
in on human misery” and fund a rapid transition to renewable energy.
Guardian analysis found that the eight listed oil producers made almost $93bn
(£69bn) in the three months to the end of June – the first full financial
quarter after the US-Israeli war on Iran triggered a surge in global oil prices
to highs above $126 a barrel.
The companies have used the biggest disruption of fossil fuel supplies in the
market’s history to almost double their combined profits from just under $50bn
in the same period last year, with campaigners warning that millions of
households are left paying the price in higher bills and climate chaos.
The data suggests the eight oil companies – Aramco, BP, Shell, Equinor,
TotalEnergies, Eni, Chevron and ExxonMobil – made more than $700,000 of profit
every minute over the spring quarter.
While their market valuations were swelling by about $600bn to above $3tn,
temperatures built towards a run of deadly heatwaves, all made more likely and
more severe by burning fossil fuels.
Carbon emissions from the world’s biggest fossil fuel firms were directly
linked to fatal spells of hot weather for the first time by scientific analysis
published last September. It found the emissions from any one of the 14 biggest
companies were each enough to cause more than 50 heatwaves that would otherwise
have been virtually impossible."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
