Environment
fromwww.theguardian.com
6 days agoBig oil's war profits may have a silver lining after all
War-driven oil price spikes generate massive unearned profits for major fossil fuel companies while raising costs for working people.
Shell's chief executive, Wael Sawan, said the company's profits were gained through its relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets. The disruption to oil and gas flows through the strait of Hormuz caused the international crude price to climb from about $61 a barrel in January to highs of $119 at the end of March.