Oil Giants Post Record Profits Amid Iran War, Prompt Tax Calls in UK

Eight of the world’s largest oil companies – Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil – generated more than $700,000 in profit every minute during the spring quarter, amounting to over £67 billion in total as crude prices rose above $126 per barrel amid the Iran war.

In the United Kingdom, Green Party leader Zack Polanski urged Prime Minister Andy Burnham to impose higher taxes on oil and gas profits to fund wildfire prevention and to reject approval for new offshore fields such as Rosebank and Jackdaw. The call follows BP’s and Shell’s reports of their highest quarterly earnings in four years, highlighting a disconnect between corporate gains and public costs.

The surge in profits has drawn criticism from environmental groups and political figures, who argue that the windfall should be used to address climate impacts and protect the public.