Although we are only in May, it has already been a brutal fire season in the Pacific Northwest of Canada and the USA. In Canada, millions have already endured record-breaking temperatures in excess of 90F (32 degrees) this month.
It is a gruesome milestone. A year after Russia’s brutal and bloody invasion of Ukraine, the ripples of war have spread across the globe. Tens of thousands of civilians have been killed, along with over a hundred thousand Ukrainian and Russian soldiers.
The amounts are obscene. They are mindboggling. This is profit-making like you have never seen it before. It is also profiteering from war or price goughing at our expense. Big Oil is making billions off the misery of millions.
Oil giant Shell has just posted record profits for a second consecutive quarter, smashing its previous record from earlier this year.
On the back of spiralling gas prices, the oil giant Shell today announced it had quadrupled its profits to over £14.2bn in 2021. Ben van Beurden, Shell’s chief executive, who received a pay package of more than €6 million last year, said 2021 had been a “momentous year” for the business.
As Big Oil loses billions, the global ratings agency, S&P has announced it was placing ExxonMobil, Chevron, Shell and Total on a so-called “credit watch”.
You cannot underestimate that seismic shift going on as investors, often drunk on big oil profits, now just face uncertainty and loss. The oceans are awash with bobbing tankers full of oil, with no market to sell them. The industry is paralysed by the pandemic.
The new Democratic Governor of California, Gavin Newsom, is coming under pressure to make good pre-election promises to rapidly move the state away from fossil fuels.
Shell’s scenarios leader says: “I am tasked with making sure that Shell isn’t a dodo.” So will Shell become extinct in the upcoming energy transition or dominate the new energy landscape?
Fossil fuel companies operating in the U.S. and Canada made $271 billion dollars in profit in 2012, while continuing to receive billions in subsidies.