{"id":413813,"date":"2026-04-27T21:00:15","date_gmt":"2026-04-27T21:00:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/413813\/"},"modified":"2026-04-27T21:00:15","modified_gmt":"2026-04-27T21:00:15","slug":"giant-fossil-fuel-companies-made-about-12000-in-the-time-it-took-you-to-read-this-headline","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/413813\/","title":{"rendered":"Giant fossil fuel companies made about $12,000 in the time it took you to read this headline"},"content":{"rendered":"

\n Six of the world\u2019s biggest fossil fuel companies<\/a> are on track to make almost $3,000 in profits every single second this year, according to a new report, as households across the world grapple with soaring energy prices and inflation, which are driving a cost-of-living crisis.\n <\/p>\n

\n Chevron, Shell, BP, ConocoPhillips, Exxon and TotalEnergies will make $2,967 a second in profits in 2026, an analysis from the non-profit Oxfam International has found. It marks an increase of nearly $37 million a day compared to their 2025 profits.\n <\/p>\n

\n The total projected fossil fuel profits for 2026 for all six companies stand at approximately $94 billion, the analysis found.\n <\/p>\n

\n Oil and gas companies\u2019 profits are soaring as the Iran conflict continues. Iran\u2019s heavy restrictions on the Strait of Hormuz<\/a>, a vital chokepoint for the oil and gas industry, have caused global oil prices to soar. Oil prices were pushed to an average of more than $100 a barrel in March.\n <\/p>\n

\n \u201cFossil fuel corporations profit from geopolitical instability and subsequently inequality, as these disruptions lead to higher prices and higher profits,\u201d said Mariana Paoli, the climate policy lead at Oxfam International.\n <\/p>\n

\n The global ripples have been significant. While oil and gas companies make huge profits, people across the world are struggling with high costs of living, including soaring energy bills and punishing prices at the gas pumps.\n <\/p>\n

\n Gas is averaging $4 a gallon<\/a> in the United States, piling more pressure onto Americans already struggling with high grocery prices and housing costs.\n <\/p>\n

\n Asian countries, many of which rely heavily on oil transported through the Strait of Hormuz, are among those hardest hit<\/a>. Some governments have ordered people to work from home and are trialling four-day work weeks to cut fuel consumption, gas stations are rationing fuel<\/a> and some hospitals are running out of supplies.\n <\/p>\n

\n Fuel shortages have also affected sub-Saharan African countries, leading some to ration fuel.\n <\/p>\n

\n The past few years of global conflict, including Russia\u2019s war on Ukraine, have proved lucrative for oil and gas companies. Major fossil fuel companies made nearly half a trillion<\/a> in profits in the four years since Russia\u2019s invasion of Ukraine in 2022, according to an analysis by non-profit Global Witness in February.\n <\/p>\n

\n An analysis<\/a> by Rystad Energy and the Guardian this month found the world\u2019s top 100 oil and gas companies made more than $30 million an hour \u2014 $8,333 a second \u2014 in the first month of the Iran war.\n <\/p>\n

\n Oil companies\u2019 bumper profits, however, are not being channelled into a transition to clean energy and away from planet-heating oil and gas. Instead, many companies have scaled back climate commitments.\n <\/p>\n

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The forecast is just the beginning. We\u2019ll\u202fsend you expert coverage and the stories behind the weather \u2014 so you always know more than just the number. Sign up for the newsletter<\/a><\/p>\n

\n BP has slashed planned investment in renewable energy<\/a> and increased oil and gas spending, Shell has watered down its 2030 targets<\/a> to cut climate pollution and Exxon has cut planned spending<\/a> on low carbon energy.\n <\/p>\n

\n Shell declined to comment. Chevron, Shell, BP, ConocoPhillips, Exxon and TotalEnergies did not respond to a request for comment.\n <\/p>\n

\n Scott Lauermann, a spokesperson for the American Petroleum Institute said the report \u201cmisreads energy markets and overlooks the real costs of today\u2019s volatility, including disruptions to production, shipping, refining, and market transactions,\u201d adding, \u201cThis is a cyclical industry that requires sustained investment to maintain supply during a period of disruption and meet growing energy needs.\u201d\n <\/p>\n","protected":false},"excerpt":{"rendered":"Six of the world\u2019s biggest fossil fuel companies are on track to make almost $3,000 in profits every…\n","protected":false},"author":2,"featured_media":413814,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[242,85,46,141],"class_list":["post-413813","post","type-post","status-publish","format-standard","has-post-thumbnail","category-environment","tag-environment","tag-il","tag-israel","tag-science"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/413813","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=413813"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/413813\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/413814"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=413813"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=413813"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=413813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}