Why is the average person suffering from gas budgets when the oil and gas companies are not? This might explain it: a new academic study shows that the oil and gas industry averages $2.8 billion per day of profit. Per. Day!
How much do all of those zeroes add up to? $52 trillion since 1970!
This comes from academics at University College London, the London School of Economics and thinktank Carbon Tracker. They analyzed data from the World Bank and found that the oil and gas industry “captured 1% of all wealth in the world” during this time frame.
But we are in a gas crisis. Surely those companies are hurting now, right? Wrong. According to The Guardian, “The average annual profit from 1970-2020 was $1tn but he said he expected this to be twice as high in 2022.”