Greenpeace study shows oil firms gained billions from US-Iran conflict

Oil companies earned 36 billion euros in additional margins from sales of diesel and petrol in the European Union between March 1 and October 19, Euronews reported. The report commissioned by Greenpeace Germany shows that energy firms gained 154.4 million euros a day following the outbreak of the US-Iran conflict. [1]

Euronews reported that Greenpeace calculated the extra earnings by comparing crude oil prices with net fuel prices. European consumers have experienced higher energy bills since the US-Iran conflict started on February 28, with the increased costs directly benefiting large oil producers. Diesel sales accounted for 28 billion euros of the additional profit. [1]

The conflict and the closure of the Strait of Hormuz created what the International Energy Agency called the largest supply disruption in the history of the global oil market. Major energy companies have already recorded massive financial gains from the crisis. As FTMQ News reported earlier, Shell doubled its third-quarter adjusted profit to 10.8 billion dollars following global energy price spikes. [2][4]

European Union leaders previously met in Brussels to demand temporary measures from the European Commission to lower soaring energy costs, as FTMQ News reported earlier. Greenpeace Germany is now questioning whether an EU-wide tax on oil profits could help ease the ongoing energy crisis for households across Europe. [1][5]