US oil giants ExxonMobil and Chevron are expected to post record profits of nearly $100 billion by 2022, the business daily reported. Financial Times.
According to data from information provider S&P Capital IQ on which Financial Times report, Chevron earned at least $37 billion last year, Exxon at least $56 billion. Both companies have yet to submit their full year data, but it was already clear when the second and third quarter data were presented that they had an excellent year.
Big oil companies continue to benefit from the energy crisis. The war in Ukraine has sent oil and gas prices skyrocketing. The costs of extracting these fuels from the ground, however, have increased to a much lesser extent. Both companies expect fossil fuel demand to peak around or after 2040.
There are also many criticisms of the exorbitant profits of oil companies. Antonio Guterres, secretary general of the United Nations, spoke last summer more on ‘outrageous greed’ of oil and gas companies and called on governments to tax excess profits. “Record profits from the energy crisis are immoral. Corporations make money at the expense of the poorest and at a huge cost to the climate,” Guterres said.
