A new analysis conducted by Oil Change International, Greenpeace USA, and Global Witness estimates that U.S. oil and gas corporations are poised to rake in windfall profits of up to $126 billion this year as they exploit Russia's deadly assault on Ukraine to raise prices at the pump.
"Under conservative estimates, we find the U.S. upstream oil and gas industry will collect a windfall of $37 to $126 billion in 2022 alone," the groups' report states. The higher-end profit estimate is dependent on oil prices spiking to $120 per barrel this summer and remaining elevated as the West moves to restrict Russian oil imports—a major opportunity for U.S. fossil fuel companies, particularly as the Biden administration looks to ramp up gas exports to Europe. If oil prices average $88 per barrel, the new analysis finds, the U.S. oil and gas industry would reap $37 billion in additional profits in 2022.
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