The oil industry in Canada made $6 billion in the first month of the war in Iran — three times more than it made in the month before the war started.

It is a textbook case of war profiteering. The cost of producing oil in Canada did not go up, nor did the industry get any more efficient or productive. It is simply raking in the proceeds of a global oil supply shock triggered by US and Israeli aggression in the Middle East.

The situation is unlikely to return to normal any time soon, which means oil prices may stay high for months. At this rate, the industry will pocket $90 billion in profits over the next year, with much of it flowing to American shareholders.

Where is that money coming from? Over the next year, Canadians are on track to spend an extra $12 billion on gasoline alone, not to mention increased costs for home heating, groceries and other goods that depend on oil.

In other words, skyrocketing oil prices do not........

© National Observer