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Six of #Europe’s largest #oil companies posted combined first-quarter profits of $22 billion, more than 40% higher than last year.

“There are constituencies around the world who are having a very good crisis, & the oil producers are one of them,” said Patrick Galey, #FossilFuels lead at Global Witness, a nonprofit organization that investigates environmental issues.

#BigOil #WarProfiteering #ClimateChange #TrumpsWar #IranWar #US #Iran #Trump #economy #inflation #CostOfLiving #EnergyCrisis

huntingdon

@huntingdon@mstdn.social replied · 2 days ago

@Nonilex

In other eras, Congress would promptly react by imposing an excess profits tax, correctly seeing these profits as unearned windfalls.

Trump's GOP? They'd sooner use the 25th Amendment than enact an excess profits tax.

Nonilex

@Nonilex@masto.ai replied · 3 days ago

The money that #oil companies accrued between the beginning of April & the end of June could receive extra scrutiny this year. #Gasoline, #diesel & #JetFuel prices climbed sharply during that period, increasing costs for drivers & airline passengers. Supplies ran low in some countries, leading to sporadic #fuel #rationing in Australia & government office closures in Nepal & Sri Lanka.

#BigOil #WarProfiteering #ClimateChange #TrumpsWar #IranWar #US #Iran #Trump #economy #affordability #energy

Nonilex

@Nonilex@masto.ai replied · 3 days ago

#ExxonMobil on Friday reported that its second quarter profits doubled to $14.53 billion, boosted by record #diesel production. The #oil giant, based in Spring, Texas, brought in $116.02 billion in revenue, up 42%.

#Chevron, based in Houston, nearly quadrupled its profits to $12.07 billion & revenue jumped 56% to $70.06 billion.

#BigOil #WarProfiteering #FossilFuels #ClimateChange #TrumpsWar #IranWar #US #Iran #Trump #economy #inflation #affordability #CostOfLiving #oil #energy #EnergyCrisis

Nonilex

@Nonilex@masto.ai replied · 3 days ago

Six of #Europe’s largest #oil companies posted combined first-quarter profits of $22 billion, more than 40% higher than last year.

#BigOil #WarProfiteering #ClimateChange #TrumpsWar #IranWar #US #Iran #Trump #economy #inflation #CostOfLiving #EnergyCrisis

Nonilex

@Nonilex@masto.ai replied · 3 days ago

“When you compare that to the hundreds of millions of people who are struggling with rolling #blackouts, with #electricity curbs, #rationing, waiting in line for #food queues, or the disruption to #fertilizers & the potential impact that that has on food #prices, we don’t think that it’s a justifiable price for the rest of the world to be paying,” Galey added.
#BigOil #WarProfiteering #FossilFuels #ClimateChange #TrumpsWar #IranWar #US #Iran #Trump #economy #inflation #affordability #oil #energy

Nonilex

@Nonilex@masto.ai replied · 3 days ago

#Energy companies such as #Exxon & #Chevron do not set the price of #US #oil, which ricocheted from $68 to $115 a barrel during the quarter. It’s driven by supply & demand, & what traders, refiners & other buyers are willing to pay.

Nevertheless, #Democrats in #Congress introduced bills in March to tax major oil producers for profits they show from 2026 onward & have the tax proceeds redistributed to #consumers.

#BigOil #WarProfiteering #FossilFuels #TrumpsWar #IranWar #economy #affordability

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