Big Oil Brings in Extra $30 Million an Hour in Windfall Profits Due to Iran War
Truthout is an indispensable resource for activists, movement leaders and workers everywhere. Please make this work possible with a quick donation.
U.S. President Donald Trump’s unprovoked war of choice in Iran has been a goldmine for the fossil fuels industry, which is earning massive windfall profits thanks to the rise in the price of petroleum.
An analysis published by The Guardian on Wednesday estimated that the 100 biggest oil and gas companies have collectively raked in an extra $30 million per hour since Trump launched his war with Iran without any congressional authorization in late February.
In just the first month of the conflict, The Guardian reported, Big Oil made $23 billion in windfall profits, and the industry is projected to haul in an additional $234 billion in windfall profits by the end of the year if the price of oil stays in the $100 range.
The top beneficiaries of the Iran conflict are Saudi Aramco, which is projected to earn $25.5 billion in windfall profits by the end of the year; Kuwait Petroleum Corp., which is projected to earn $12.1 billion; and ExxonMobil, which is projected to earn $11 billion.
“The excess profits come from the........
