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2024-07-26 07:00:00 +0300

Big Oil Set for Record Profit as World Reels From High Fuel Cost

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Bloomberg
By Kevin Crowley

Big Oil is poised for a record-breaking $50 billion profit in the second quarter, but the industry’s stellar performance could contain the seeds of its own decline.

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The soaring earnings are direct result of the high energy prices that have stoked inflation, piled pressure on consumers, raised the risk of recession and prompted calls for windfall taxes. Amid this political and economic turbulence, shareholders may have to temper their expectations for rising returns.

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