Fossil fuel companies are raking in $12,000 per headline read
Six of the world’s biggest fossil fuel companies are on track to make almost $3,000 in profits every single second this year, according to a new report, as households across the world grapple with soaring energy prices and inflation, which are driving a cost-of-living crisis.
Chevron, Shell, BP, ConocoPhillips, Exxon and TotalEnergies will make $2,967 a second in profits in 2026, an analysis from the non-profit Oxfam International has found. It marks an increase of nearly $37 million a day compared to their 2025 profits.
The total projected fossil fuel profits for 2026 for all six companies stand at approximately $94 billion, the analysis found.
Oil and gas companies’ profits are soaring as the Iran conflict continues. Iran’s heavy restrictions on the Strait of Hormuz, a vital chokepoint for the oil and gas industry, have caused global oil prices to soar. Oil prices were pushed to an average of more than $100 a barrel in March.
“Fossil fuel corporations profit from geopolitical instability and subsequently inequality, as these disruptions lead to higher prices and higher profits,” said Mariana Paoli, the climate policy lead at Oxfam International.
The global ripples have been significant. While oil and gas companies make huge profits, people across the world are struggling with high costs of living, including soaring energy bills and punishing prices at the gas pumps.
Gas is averaging $4 a gallon in the United States, piling more pressure onto Americans already struggling with high grocery prices and housing costs.
