Revealed: oil sector’s ‘staggering’ $3bn-a-day profits for last 50 years

Worried about the cost of fuel? Concerned about the now-obvious effects of climate change? There is one small group of people who are profiting from both, while emptying our wallets AND most importantly, destroying our environment. Our friend PeNdantry over at Wibble sums it up well. Thanks, PeNdantry!

Wibble

Vast sums provide power to ‘buy every politician’ and delay action on climate crisis, says expert

Courtesy of Guardian News & Media Ltd
under guardiansyndication Open Licence Terms

The oil and gas industry has delivered $2.8bn (£2.3bn) a day in pure profit for the last 50 years.

The vast total captured by petrostates and fossil fuel companies since 1970 is $52tn, providing the power to “buy every politician, every system” and delay action on the climate crisis, says Prof Aviel Verbruggen. The huge profits were inflated by cartels of countries artificially restricting supply.

The oil and gas industry has delivered $1tn in profit a year on average – Guardian graphic. Source: Aviel Verbruggen, University of Antwerp

Emissions from the burning of fossil fuels have driven the climate crisis and contributed to worsening extreme weather, including the current heatwaves hitting the UK and many other Northern hemisphere countries. Oil companies have

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