‘Windfall for Fuel Giants, Woes for the Public’

The popular proverb "One man's meat is another man's poison" (karo poush mash karo sarbonash) seems to have found a literal manifestation in the case of the world's largest energy companies. Amidst the ongoing tensions of the Iran war, the world's six largest fossil fuel companies are earning an average profit of nearly $3,000 per second (approximately Tk370,000 ) this year. This startling information was revealed in a report by the international organization Oxfam International.

This news comes at a time when people across the globe are struggling to afford basic living expenses due to skyrocketing energy prices and rampant inflation.

According to Oxfam’s analysis, in 2026, six companies—Chevron, Shell, BP, ConocoPhillips, Exxon, and TotalEnergies—will earn an average profit of $2,967 every second. Their daily profit has increased by nearly $37 million compared to 2025. The report states that the total potential profit of these six companies could reach approximately $94 billion.

The "harvest season" for these oil and gas companies is being driven by the conflict involving Iran. Iran’s tightened control over the Strait of Hormuz—a critically important route for global energy supplies—has pushed oil prices significantly higher in the international market. In March, oil prices averaged over $100 per barrel.

Mariana Paoli, Oxfam’s head of climate policy, remarked, “Fossil fuel companies always benefit from geopolitical instability. These instabilities drive up market prices and ultimately create extreme inequality in society.”

The impact of these profits is clear and negative worldwide. While oil and gas companies are reaping record profits, ordinary people are left reeling from increased electricity bills, higher transportation costs, and the rising cost of daily life. For instance, in the United States, the average price of gas has reached $4 per gallon, putting further pressure on citizens already struggling with high food and housing costs.

Asian countries reliant on oil imports via the Strait of Hormuz are among the hardest hit. In several nations, employees have been directed to work from home to conserve fuel, pilots for four-day workweeks are underway, and petrol pumps are implementing rationing. Some hospitals have even reported critical supply shortages.

Sub-Saharan African nations are also facing a severe energy crisis, leading to widespread fuel rationing in many regions.

Recent global conflicts, including Russia's war in Ukraine, have proven immensely profitable for oil and gas giants. According to an analysis by Global Witness, major companies have raked in nearly half a trillion dollars in profit in the four years since the Ukraine war began in 2022.

Furthermore, analysis by Rystad Energy and The Guardian reveals that during the first month of the Iran war, the world’s top 100 oil and gas companies earned more than $30 million in profit every hour—amounting to $8,333 per second.

Despite these staggering profits, the funds are not being redirected toward the transition to renewable energy. Instead, many companies have actually scaled back their climate commitments.

BP has reduced its investment in renewables to increase spending on oil and gas; Shell has relaxed its 2030 emission reduction targets; and Exxon has cut back on its planned expenditure for low-carbon fuels. (input taken from cnn)