War-Driven Profits Fuel Global Energy Crisis

The analysis, released by London-based Global Witness, highlights that BP, Shell, TotalEnergies, Eni, Equinor, and Repsol are seeing their most lucrative period since the 2022 invasion of Ukraine. Shell alone reported $6.9 billion in quarterly earnings, a figure that breaks down to approximately $53,241 every minute. Patrick Galey, head of news investigations at Global Witness, described these earnings as the clear spoils of a conflict that is simultaneously eroding global living standards.

Campaigners from 350.org warned that if the Strait of Hormuz remains closed, the ongoing price volatility could impose $1 trillion in additional costs on families, businesses, and public budgets globally. Executive director Anne Jellema argued that the current economic structure effectively siphons wealth from the public to the oil sector, urging governments to implement aggressive windfall taxes to fund renewable energy and household protection.

Similar trends are emerging in the United States, where national gas prices have climbed above $4.50 per gallon. Market projections suggest that ExxonMobil and Chevron are poised to see their earnings double and increase by 56% respectively over the coming year. Greenpeace campaigner Maja Darlington noted that the industry appears to profit regardless of whether the driver is geopolitical conflict or environmental disaster, calling for an end to subsidies and a fundamental shift in how fossil fuel companies are held accountable for the costs of these crises.