· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:
🗞️ Driving the news: The world's five largest oil companies, known as the "super-majors" – BP, Shell, Chevron, ExxonMobil, and TotalEnergies – have collectively earned $281 billion in profits since the onset of the Ukraine war
• This period has seen a significant rise in energy prices, contributing to higher household bills globally
🔭 The context: These profits have been driven by the increased demand and prices for oil and gas following Russia's invasion of Ukraine
• Notably, BP and Shell alone accounted for $94.2 billion of the total profits
• This surge in earnings comes amidst a backdrop of the companies scaling back on climate goals and increasing payouts to shareholders
🌍 Why it matters for the planet: This profit surge highlights a stark contrast between corporate gains and the broader societal impacts, including struggles with energy affordability and climate change
• The companies' focus on fossil fuel production and shareholder returns is criticized amid calls for more sustainable and consumer-friendly practices
⏭️ What's next: The "super-majors" are expected to announce record shareholder payouts for 2023, despite public outcry and demands for a shift towards more sustainable energy practices
💬 One quote: “This is yet another way in which the fossil fuel industry is failing consumers and the planet” (Patrick Galey, senior fossil fuels investigator at Global Witness)
📈 One stat: The five oil giants are forecast to distribute more than $100 billion in investor payouts in 2023, setting a new record amidst global energy crises
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