Eight of the biggest oil companies amassed profits of more than $90 billion in just three months, as the Iran conflict drove up energy prices and the emissions-driven climate crisis caused deadly heatwaves, the Guardian reported.
Companies have used the biggest disruption to fossil fuel supply in market history to double their combined profits from less than $50 billion in the same period last year, with campaigners warning that millions of families are paying the price in higher bills and climate chaos.
The data suggests that eight oil companies made more than $700.000 in profit every minute during the spring quarter. As their market valuations soared by about $600 billion to over $3 trillion, temperatures soared, leading to a series of deadly heatwaves. An estimated 20.000 people are estimated to have died due to extreme temperatures, including nearly 3.000 in the UK in May and June alone.