A new analysis by Global Witness reveals that European and US oil and gas majors have raked in a staggering $281bn in profits since the Russia-Ukraine war two years ago. This windfall, driven by soaring energy prices, coincides with mounting criticism of the industry’s profiteering amidst human suffering and the climate crisis. War Fuels Profits, Fuels DoubtsRussia’s invasion exacerbated an already volatile energy market, leading to skyrocketing gas prices and historic gains for oil and gas producers. Profits Amidst HardshipThe staggering profits stand in stark contrast to the human cost of the conflict. Shell recently backtracked on reducing oil output despite the climate crisis, while BP weakened its emissions reduction pledge.

Source: Daily News Egypt February 20, 2024 03:43 UTC