The recent conflict in Iran has led to a significant windfall for the oil and gas industry, with the world's top 100 companies reaping over $30 million every hour in the first month of the war. This staggering figure highlights the immense profits these companies are making at a time when ordinary people are paying the price for high fuel prices and rising energy bills. The analysis, conducted by Global Witness and using data from Rystad Energy, reveals a stark contrast between the fortunes of these corporations and the struggles of the public. Saudi Aramco, Gazprom, and ExxonMobil are among the biggest beneficiaries, with Aramco alone estimated to make $25.5 billion in war profits in 2026. This is on top of their already substantial profits, with Saudi Arabia leading efforts to block climate action for decades. The conflict has also benefited Russian companies like Gazprom, Rosneft, and Lukoil, with oil export revenues soaring to €713 million a day. ExxonMobil and Shell are also enjoying substantial increases in their value, with ExxonMobil worth $87 billion more and Shell £25 billion more after the war began. Chevron's CEO, Mike Wirth, sold $104 million worth of shares between January and March, further emphasizing the financial gains of these executives. The impact of the war is likely to be long-lasting, with the International Energy Agency's head, Fatih Birol, calling it the biggest shock to the global energy market. The UN's climate chief, Simon Stiell, warns that fossil fuel dependency is eroding national security and sovereignty, and investing in renewable energy is crucial for energy security and climate stability. The oil and gas sector has consistently made staggering profits, averaging $1,000 billion annually for the last half-century, and benefiting from substantial subsidies. This crisis underscores the need for governments to address their fossil fuel addiction and transition to green energy. The UK, for instance, has avoided £1 billion in gas imports due to wind and solar power, but the country remains exposed to global price shocks. The call for windfall taxes on oil and gas companies' profits is growing, with the European Commission considering a request from finance ministers to send a clear message that those profiting from war must contribute to easing the public burden. This crisis highlights the urgent need for a shift towards renewable energy and a reevaluation of the role of fossil fuels in our energy systems.
