Oil prices skyrocketed in 2022 and firms such as ExxonMobil, Shell, Chevron, TotalEnergies and BP earned record profits. But that spurred backlash.
Revenues for the biggest integrated European and American oil companies nearly doubled during 2021. Profits soared."Oil companies' record profits today are not because they're doing something new or innovative," President Joe Biden said Oct. 31. "Their profits are a windfall of war — the windfall from the brutal conflict that's ravaging Ukraine and hurting tens of millions of people around the globe.
And while oil companies raked in cash in 2022, their fates are closely tied to the price of oil — when it falls, they lose. They are also bracing for a world where the demand for oil is expected to decline. They are predicting that decline themselves.
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