Oil companies hit with backlash after bringing in $200 billion in profits last year

Oil companies pulled successful grounds profits successful 2022, arsenic lipid prices skyrocketed.

Revenues for the biggest integrated European and American lipid companies astir doubled during 2021. Profits soared.

But that has besides spurred backlash from user advocates and governmental leaders.

"Oil companies' grounds profits contiguous are not due to the fact that they're doing thing caller oregon innovative," President Joe Biden said Oct. 31. "Their profits are a windfall of warfare — the windfall from the brutal struggle that's ravaging Ukraine and hurting tens of millions of radical astir the globe."

The manufacture has said the depiction of lipid companies arsenic greedy warfare profiteers is false.

"You proceed to perceive this medication speech astir the request for much supply, but they suggest windfall profits, taxes oregon terms gouging, oregon they fastener up national lands for lipid and state development," said Frank Macchiarola, elder vice president of policy, economics, and regulatory affairs astatine the American Petroleum Institute. "They speech astir the request for permitting betterment and much infrastructure, but past they crook astir and cancel pipeline projects."

And portion lipid companies raked successful currency successful 2022, their fates are intimately tied to the terms of lipid — erstwhile it falls, they lose. They are besides bracing for a satellite wherever the request for lipid is expected to decline. They are predicting that diminution themselves.

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