BIG OIL’S PROFITEERING TAKES MANY FORMS. HERE ARE JUST A FEW:

 

THE WAR IN UKRAINE

After spending decades helping Putin expand Russian oil and gas production, oil companies are now taking advantage of the war in Ukraine to gouge consumers, pad their pockets, and push for more dangerous fossil fuel projects.

And despite their public pledges, oil companies are still sending money to Putin. Oil majors Exxon, Shell, and BP pulled out of Russian extraction projects when faced with public pressure. But that didn't stop Shell from buying a tanker of cheap Russian crude in early March and Chevron chartering multiple tankers in the weeks ahead. For oil companies, talk is cheap and tankers speak louder than words.

Meanwhile, just after the shelling in Ukraine began, the American Petroleum Institute, a mouthpiece for the industry, rolled out an aggressive lobbying campaign, arguing that now was the time to ramp up production of American oil and gas. In greasy op-eds, advertising, and letters to the White House, the industry is doing everything it can to keep us addicted to the oil and gas that funds Putin’s war machine.

We know the real solution to this crisis is an all-out transition away from oil and gas to clean energy that’s affordable, secure, and can help save our climate.

 

PHOTO: Timothy Fadek

COVID-19 CRISIS

When COVID shut down the global economy in 2020, it pulled back the curtain on Big Oil's reliance on US Government subsidies, handouts and tax breaks. This could have been a moment of reckoning, but the Trump administration rolled out an aid package that favored recipients in the oil and gas industry. The initial plan was to exclude them—but that went out the window when the industry lobbied to change the rules. From shady tax law changes that yielded more than $7 billion to low-interest loans to direct benefits, Big Oil's profiteering from COVID-19 is undeniable.

Since the pandemic ended, the grift has continued. Rather than ramp up production in tandem with increased economic activity, oil companies have throttled supply in order to drive up their share prices, putting their wealthy shareholders and CEOs ahead of the public interest.

 

PHOTO: Rock Staar

THE CLIMATE CRISIS

Although the fossil fuel industry is finally coming under fire for its decades of deception, denial, and delay, Big Oil is still finding ways to profiteer off of the climate emergency that it knowingly caused. From investing in offset markets to taking advantage of new ice melt caused by warming, the industry has aggressively continued to conduct business as usual. A crisis that threatens the future of humanity and ecosystems? Looks like the perfect opportunity for Big Oil profiteering.  

 

PHOTO: Chandler Cruttenden