The Ukraine war is accelerating the transition to renewable energy.
Dusseldorf, New York While millions of consumers and thousands of businesses suffer from high energy prices, the big oil and gas companies are posting record profits. The two US companies Exxon Mobil and Chevron will reach $91.1 billion in 2022 alone.
That’s more than all the supermajors (Exxon Mobil, Chevron, Shell, Total, and BP) combined made in the year before. Overall, the profits of the oil multinationals could add up to around 200 billion euros.
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 current boom in fossil fuels is deceptive.
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