As American families continue to be hammered by skyrocketing gasoline prices, U.S. oil and gas companies are poised to reap tens of billions in windfall profits thanks to high wartime prices.
Conocophillips
U.S. Oil and Gas Companies Set to Make Tens of Billions More from Wartime Oil Prices in 2022
With oil prices rising to near-record levels due to Russia’s ongoing war in Ukraine, companies producing oil and gas in the United States are in line to make tens of billions in additional profits. Under conservative estimates, we find the U.S. upstream oil and gas industry will collect a windfall of $37 to $126 billion in 2022 alone.