The ongoing conflict in Iran and the subsequent blockade of the Strait of Hormuz have created a staggering economic divide. While global energy prices have surged past $100 per barrel, six of the world’s largest oil giants are reaping unprecedented rewards, even as households across the U.S. and the Global South struggle with record inflation and fuel rationing.
A recent report by Oxfam International, released ahead of the fossil fuel transition conference in Colombia, highlights the sheer scale of this “crisis profit.”
The “Big Six”: $3,000 Every Second
Six major firms—Chevron, Shell, BP, ConocoPhillips, ExxonMobil, and TotalEnergies—are the primary beneficiaries of the current geopolitical instability.
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Total Projected Profit (2026): $94 Billion.
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Earnings per Second: ~$2,967.
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Daily Increase: These firms are earning $37 million more per day than they did in 2025.
To put this in perspective, the $94 billion in profit expected this year alone is enough to provide solar power to 50 million people across the African continent.
The Human Cost of $100+ Oil
As oil prices remain elevated due to Middle Eastern supply fears, the burden has shifted directly to consumers and public services:
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U.S. Families: Facing soaring electricity bills and record-high pump prices that are eating into lifetime savings.
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Global Shortages: Parts of Africa and Asia are experiencing acute fuel shortages, with some hospitals reportedly running low on essential supplies.
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Airlines & Industry: Major carriers are signaling an “SOS” to governments, warning that the industry is on the verge of stopping operations due to fuel costs.
The “Climate Pivot” Reversal
Ironically, despite these record profits, several oil giants have recently scaled back their green energy commitments:
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ExxonMobil: Cut planned spending on low-carbon projects.
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Shell & BP: Diluted 2030 climate targets and reduced renewable investments to focus back on oil and gas.
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TotalEnergies: Refused to align with the 1.5°C net-zero pathway.
Public Sentiment vs. Corporate Strategy
Oxfam’s polling across seven countries reveals a massive disconnect between what citizens want and what corporations are doing:
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Support for Renewables: People are 3X more likely to support green investment over fossil fuel extraction.
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Taxation: 68% of respondents support higher taxes on oil and gas profits to fund the clean energy transition.
Oxfam’s “Pollutocrat” Demands
The report urges world leaders to move beyond rhetoric and take the following steps:
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Excess Profit Taxes: Implement a “Rich Polluter Profit Tax” on windfall gains.
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Debt Restructuring: Cancel unsustainable sovereign debt for poorer nations hit by energy costs.
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Fund the Transition: Use the taxed profits to directly fund climate transition in the Global South.
Market Watch: May 1 Changes
In a related development, new LPG rules and price changes are set to take effect on May 1, 2026, which will introduce new OTP requirements for bookings and potentially shift domestic fuel costs further.
