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Tag: Big Oil

Big oil and gas producers made an “obscene” amount of profit in first three months of 2022

Meanwhile, middle-class families are struggling to buy groceries and buy enough fuel to drive the kids to their after-school activities.

Oliver Milman, The Guardian »

Shell made $9.1 billion in profit from January to March, almost three times what it made in the same period last year, while Exxon raked in $8.8 billion, also a near threefold increase on 2021.

Chevron upped its profits to $6.5 billion and BP reveled in its highest first-quarter profits in a decade, making $6.2 billion. Coterra Energy, a Texas-based firm, had the largest relative windfall of the 28 companies, with a 449% increase in profits on last year, to $818m.

“The greed of these companies is staggering,” said Lori Lodes, executive director of Climate Power, an advocacy group. “We’ve heard their executives bragging about how much the agony of inflation and the tragedy of the war in Ukraine has allowed them to raise prices. These profits are going right into their pockets.”

International Energy Agency forecasts decline in Canadian oil demand

Mia Rabson, The Canadian Press »

The International Energy Agency projected in a report this week that under existing climate policies oil production in Canada will grow by about 700,000 barrels a day by 2030 before it starts to recede.

If Canada implements the new policies the Liberals have promised — including mandating more electric car sales and capping emissions from oil and gas production — available Canadian oil will fall by 100,000 barrels a day by 2030.

And in a net zero policy push — where any greenhouse gases still emitted are captured by 2050 — oil supply will fall even faster.

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