If drivers saddled with pricey fees at the pump have been one of the biggest economic losers of the war in the Middle East, the companies selling that gasoline have emerged as the conflict’s clear winner.
In mid-March, when the war was only two weeks old, market capitalization at the world’s six largest energy firms had surged a combined $130 billion, the Guardian calculated. But it took some companies reporting first quarter earnings this past week to nail down just how much hard cash the conflict has generated for oil giants.
On Tuesday, BP, one of the U.K.’s largest energy companies, reported $3.2 billion in profits over the first three months of the year, more than double the $1.38 billion in profits the company announced over the same period last year.
With the Strait of Hormuz still impassable and one-fifth of the world’s petroleum still locked up in the Persian Gulf, oil and gas giants have been reaping rewards from the supply crunch, sparking rebukes and criticisms from environmental and advocacy groups in the process.
“It is horrifying to see BP’s profits grow as millions suffer the fallout from the U.S.-Israel war on Iran,” Patrick Galey, head of investigations at campaigning outfit Global Witness, said in a statement responding to the company’s results.
Source: fortune
4 Comments
War is stunningly profitable for the rich. The poor pay the price.
These companies care about profit. Trump pledged his loyalty to them. He is giving them the return he offered. He made them a GREAT DEAL. WHILE REGULAR AMERICANS GET hit the hardest.
We saw Revolution 250 years ago! Seems like we are headed there again!
Well there’s a surprise. And guess what The Epstein Administration and cronies are heavily invested. What dit Donnnie say the other day about EYEran? “I’ll make plenty of money” Oh yes he will. Billy Ray down in the swamps will continue to struggle.
The good thing coming out of all this is the accelerated global move towards renewables to produce cheap electricity and LOWERING the dependency and use of oil. When this all settles down in about a year, even I will have to hail King Dozy Donnie as the PRIMARY reason why EVs and Renewable Energy became so important to the World.
DD and the Epstein Administration are still trying to pay companies to stop building “windmills”. Can you believe he actually says that?
He has no FUCKING idea what’s going on and what his small, and getting smaller place in the World is.
They were promised great profits if they supported this administration. One only truth that came true