Big Oil’s ‘monster profits’ and climate rollbacks
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Supercharged Profits for Oil and Gas Companies
Last year we saw this record year, the monster profits really for these companies. And why? Well, after we had all spent a few years in the pandemic,. There was a lot of pent-up demand to go to travel internationally and see friends and family. This really drove up demand suddenly for oil and gas all over the place. It sort of supercharged demand when it had been very low. Around that same time, Russia, a major oil and gas producer, of course, decided to invade Ukraine. And so factors like this combined to drive up the price of oil to above $120 per barrel - which is just way, way higher than I had been a few years ago
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