Introduction

Last week, United Nations Secretary-General António Guterres called out oil companies for raking in “monster profits” and expanding production instead of focusing on renewable energy. 2022 was a record-breaking year for oil producers. According to the International Energy Agency, global gas and oil profits went from a recent average of $1.5 trillion to four trillion dollars last year alone. And in the wake of those profits many oil companies are walking back on climate-friendly pledges. Today on Front Burner, we’ll be talking about why Big Oil is raking in so much cash, how long a fossil fuel resurgence could really last. Geoff Dembicki is an investigative climate reporter who has been following this closely for DeSmog and the author of The Petroleum Papers.