Big oil making $30m an hour from Iran war - The Latest

In this episode, host Lucy Hough speaks with Damien Carrington, the Guardian's environmental editor, about the record profits generated by top oil and gas companies amid the ongoing war in Ukraine. Companies are reported to be raking in approximately $30 million an hour, with a projected total profit of $234 billion for the year, equivalent to the GDP of Portugal. This surge comes as consumers face soaring energy costs, significantly impacting the cost of living globally.

The discussion emphasizes that these profits are largely unearned and arise from the increased oil prices fueled by the conflict. Major beneficiaries include companies in Russia and Saudi Arabia, which are also notable for their resistance to climate action. Carrington explains that while there is pressure for windfall taxes on these companies, the ultimate solution to the energy crisis lies in transitioning from fossil fuels to renewable energy sources. Both speakers recognize the urgency of this transition to mitigate economic volatility and dependency on oil and gas, especially as winter approaches and energy needs become more acute.