Why Big Oil’s Record Profits Sparked A Backlash

As oil prices skyrocketed, companies such as ExxonMobil, Royal Dutch Shell, Chevron, TotalEnergies and BP more than doubled their profits in 2022 from the year-earlier period. That result spurred a backlash, though, with President Joe Biden calling the profits “a windfall of Russia's invasion of Ukraine.” He also criticized Big Oil for investing too little in domestic production. But industry officials countered, saying they found Biden’s message to be a paradox. On the one hand he was advocating for a move toward a society of lower carbon emissions while on the other hand he wanted oil companies to increase production.

Chapters:
00:49 — Chapter 1: A volatile year
02:23 — Chapter 2: Record breaking profits
03:00 — Chapter 3: Backlash and what that means
05:06 — Chapter 4: The industry
08:16 — Chapter 5: Future

Produced by: Robert Ferris
Editor: Nic Golden Henry
Senior Managing Producer: Tala Hadavi
Graphics: Alex Wood

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Why Big Oil’s Record Profits Sparked A Backlash

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