Big Oil rakes in record profit haul of nearly $200 billion, fueling calls for higher taxes
Summary by Ground News
The West’s five largest oil companies raked in combined profits of nearly $200 billion in 2022, intensifying calls for governments to impose tougher windfall taxes.
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The Hindu
Big Oil doubles profits in blockbuster 2022
Big Western oil firms more than double profits to $219 bn; surge in revenue allows them to reduce debt; spending rises, climate targets pushed back
Big Oil more than doubled its profits in 2022 to $219 billion, smashing previous records in a year of volatile energy prices where Russia's invasion of Ukraine reshaped global energy markets and, in some cases, the industry's climate ambitions.
Biden, Democrats rage as Big Oil touts record profits
The economic recovery from the COVID-19 pandemic and Russia’s invasion of Ukraine sent oil prices skyrocketing this year, bringing extremely high profits to energy companies. In recent weeks, companies including ExxonMobil, Chevron, Shell and BP reported billions of dollars in 2022 profits, many of which broke records. The announcements spurred political backlash, including from the…
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