Oil companies celebrate record profits.
(Photo: E+/Getty Images)
Dusseldorf, New York While consumers and businesses suffer from high energy prices, the big oil and gas companies are posting record profits. The US companies Exxon Mobil and Chevron together earned $91.1 billion in 2022, which is more than the previous year’s earnings of all the largest American and European oil companies combined. Overall, according to analysts, the profits of the oil multinationals could add up to 200 billion euros in the current year.
The oil and gas companies are benefiting from the sharp rise in energy prices, which were mainly driven up by the war between Russia and Ukraine.
However, the boom in fossil fuels is deceptive, as even the oil company BP admits. In the Group’s current Energy Outlook, all scenarios predict a decline in fossil fuels by 2050.
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