Western oil companies profited by $200 billion given Russia-Ukraine conflic

London: Due to the Russia-Ukraine conflict, the people in the United States and Europe have faced a big crisis of fuel price hikes. Western countries have taken action against sanctions, holding Russia fully responsible for this. However, the major fuel companies in the United States and Europe have benefited the most from the increased fuel prices due to this conflict. These companies made a profit of almost $200 billion last year. Demand has started that heavy taxes should be imposed on these companies.

Before Russia attacked Ukraine, the price of crude oil in the international market was $85 per barrel. But after the Russia-Ukraine conflict flared up in March, the same rate reached $127 per barrel. As most of the European countries were buying fuel gas from Russia, the fuel prices in these countries were tight. This had a direct effect on the European people. As the struggle is over a year, the backs of the common man seem to be breaking when it comes to paying their fuel bills.

The US company ExxonMobil made a huge profit of $56 billion compared to all other western companies. It is followed by Britain’s Shell, a fuel-producing company, which has earned $40 billion. Chevron of the United States, British Petroleum of the United Kingdom, and Total Energies of France have also made strong earnings this year, evident from the annual financial breakdown.

Furthermore, international analysts and human rights organisations have criticised these companies for making huge profits from fuel price hikes after it was revealed that these countries’ fuel companies had made huge profits while people in the West struggled for fuel. Analysts and human rights organisations have demanded that such profiteering be publicly condemned. Besides, heavy taxes should be imposed on these companies when the whole world is likely to plunge into economic recession. However, it has not yet been approved by any country’s government.

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