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.
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