The war has led to an increase in the price of oil and gas. What are oil corporations doing with their windfall profits? Fueling fracking.
By Peter Hart and Mark Schlosberg, Food And Water Watch
The Russian invasion of Ukraine has been seized as an opportunity by fossil fuel investors. While consumers get hammered by high gas prices and spiking energy costs, top fracking executives’ wealth soars. Since January, the value of shares currently held by CEOs of eight leading fossil fuel companies has increased by nearly $100 million.
An analysis of leading fossil fuel interests shows executives are profiting from the crisis. While carnage happens in Ukraine, these predators are taking advantage of global price increases that have sent company stocks soaring. They include:
- Fracking and LNG companies Cheniere, EQT, EOG Resources
- Pipeline giants Kinder Morgan and Enbridge
- And industry powerhouses Chevron, ConocoPhillips, and Exxon Mobil
Fossil Fuel Titans Are In A Mad Dash To Profit From Soaring Gas Prices
The value of Cheniere CEO Jack Fusco’s company stock is up $25 million from January to March 10th. ExxonMobil CEO Darren Woods’ stock holdings have increased by $25 million over the same period. The value of Kinder Morgan CEO Steven Kean’s stock has jumped nearly $15 million. Some of these corporate leaders have sold shares to cash in on the crisis. ConocoPhillips’ Ryan Lance sold shares for $23 million in mid-February, while Chevron’s Michael Wirth sold $14 million in stock by late February.
Recent Posts
White House Refuses To Rule Out Summary Executions Of People On Its Secret Domestic Terrorist List
Take Action Now The Trump administration ignored questions about whether it would order the killings of those on its NSPM-7 list — even while…
Koch Network Fuels Republican Push To Kill ACA Subsidies
Take Action Now As millions face higher premiums, Koch‑funded groups are pressuring Republicans to oppose Obamacare subsidy extensions.By Donald…
We’re Making ‘Tax the Rich’ More Than a Slogan
Take Action Now “Workers Over Billionaires” was the slogan on Labor Day. It should be the slogan every day.By Max Page, Labor Notes Taxing the…
‘Total Amateur Hour’: FBI Official Says Antifa Is #1 Threat in US—But Can’t Say Where, Who, or What It Is
Take Action Now “Just a complete admission here that the entire ‘antifa’ threat narrative is totally manufactured by this administration,” said one…