<
https://www.theguardian.com/environment/2026/apr/15/big-oil-huge-war-windfall-consumers>
"The world’s top 100 oil and gas companies banked more than $30m every hour in
unearned profit in the first month of the US-Israeli war in Iran, according to
exclusive analysis for the
Guardian. Saudi Aramco, Gazprom and ExxonMobil are
among the biggest beneficiaries of the bonanza, meaning key opponents of
climate action continue to prosper.
The conflict pushed the price of oil to an average of $100 (£74) a barrel in
March, leading to estimated windfall war profits for the month of $23bn for the
companies. Oil and gas supplies will take months to return to pre-war levels
and the companies will make $234bn by the end of the year if the oil price
continues to average $100. The analysis uses data from a leading intelligence
provider, Rystad Energy, analysed by Global Witness.
The excess profits come from the pockets of ordinary people as they pay high
prices to fill up their vehicles and power their homes, as well as from
businesses incurring higher energy bills. Dozens of countries have cut fuel
taxes to help struggling consumers, meaning those nations, including Australia,
South Africa, Italy, Brazil and Zambia, are raising less money for public
services.
Pressure is growing for windfall taxes on the war profits of oil and gas
companies, with the European Commission considering a request from the finance
ministers of Germany, Spain, Italy, Portugal and Austria to “send a clear
message that those who profit from the consequences of war must do their part
to ease the burden on the general public”.
“It would make it possible to finance temporary relief, especially for
consumers, and curb rising inflation, without placing additional burdens on
public budgets,” the ministers said in a letter on 4 April. The EU’s fossil
fuel bill has risen by €22bn since the start of the Iran war.
Aramco is by far the biggest winner, estimated to make a war profit of $25.5bn
in 2026 if the oil price averages $100. That is on top of the huge profits
habitually made by the majority state-owned Saudi company – $250m a day between
2016 to 2023. Saudi Arabia has for decades led successful efforts to block and
delay international climate action."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
