How Big Oil More Than Doubled Their Profits In 2022

As oil prices skyrocketed, companies such as ExxonMobil, Royal Dutch Shell, Chevron, TotalEnergies and BP more than doubled their profits in 2022 from the year-earlier period. That result spurred a backlash, though, with President Joe Biden calling the profits “a windfall of Russia’s invasion of Ukraine.” He also criticized Big Oil for investing too little in domestic production. But industry officials countered, saying they found Biden’s message to be a paradox. On the one hand he was advocating for a move toward a society of lower carbon emissions while on the other hand he wanted oil companies to increase production. Chapters: 00:49 — Chapter 1: A volatile year 02:23 — Chapter 2: Record breaking profits 03:00 — Chapter 3: Backlash and what that means 05:06 — Chapter 4: The industry 08:16 — Chapter 5: Future Produced by: Robert Ferris Editor: Nic Golden Henry Senior Managing Producer: Tala Hadavi Graphics: Alex Wood » Subscribe to CNBC: