Oil majors are set to report second quarter earnings later this month that analysts expect to be the highest since 2022, when Russia's invasion of Ukraine sent crude prices soaring. Exxon Mobil is projected to report roughly $15.7 billion in adjusted earnings, and Chevron nearly $10 billion, both close to triple what they posted the previous quarter.
A United Nations Development Programme policy brief released June 29th found the fallout from the conflict is still spreading well beyond the pump, pushing global fossil fuel subsidies past $1 trillion this year and threatening to push tens of millions more people into poverty as governments burn through fiscal buffers trying to keep energy affordable.
As scientists grow more confident than ever that fossil fuel pollution is fueling extreme weather, Congress is moving to shield Big Oil from the fallout by blaming Canada instead. Sen. Bernie Moreno (R-Ohio) introduced legislation yesterday targeting Canada over wildfire smoke drifting into U.S. cities that would freeze assets, revoke visas, and declare the Canadian ambassador "persona non grata" until the smoke clears. Against this backdrop, the Make Polluters Pay campaign released the following statement.
Statement from Cassidy DiPaola, Communications Director for the Make Polluters Pay campaign:
"Once again, war is proving very good for the oil business. While higher energy prices push millions of people closer to poverty and force governments to spend more than $1 trillion cushioning the blow, Exxon, Chevron and Shell are preparing to report their biggest profits in years.
And when the consequences of fossil fuel dependence reach American communities, some lawmakers would rather find a new scapegoat than confront the industry at the center of the crisis. Sanctioning Canada over wildfire smoke will not change the hotter, drier conditions that decades of fossil fuel pollution have helped create.
Congress does not have to accept a system where the public absorbs the risks and oil companies keep the rewards. The Big Oil Windfall Profits Tax Act would claw back these war profits and put real money back in people's pockets instead of executive bonuses. Every quarter like this is another reminder that the fastest way off this cycle is investing in clean energy that isn't held hostage by the next war."
This content originally appeared on Common Dreams and was authored by Newswire Editor.
Newswire Editor | Radio Free (2026-07-21T22:01:58+00:00) Ahead of Expected Record Profits, Make Polluters Pay Campaign Says Big Oil Is Cashing In On War Again. Retrieved from https://www.radiofree.org/2026/07/21/ahead-of-expected-record-profits-make-polluters-pay-campaign-says-big-oil-is-cashing-in-on-war-again/
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