New Report Exposes Oil Industry – The Data Is Jaw Dropping
(DailyVantage.com) – It’s standard practice for people to accuse oil companies of greed when they suffer rising prices on their heating bills and at the gas pumps. Consumers typically make the claim in the absence of any proof. However, an industry expert recently took the time to put together a report detailing oil companies’ true earnings — and the figures, if accurate, are staggering.
Emeritus Professor Aviel Verbruggen recently compiled World Bank data from the last 50 years. Using the statistics calculated from oil and gas “rents,” the term for the unearned profit left after production costs, he revealed in an exclusive report provided to The Guardian that oil companies have earned roughly $2.8 billion per day for the last half-century. That’s a total of $52 trillion, a whopper of a figure and more than the entirety of the US national debt.
Revealed: oil sector’s ‘staggering’ $3bn-a-day profits for last 50 years https://t.co/eTvVjXxNX5
— Guardian Environment (@guardianeco) July 21, 2022
Verbruggen tossed more fuel on the fire when he said, “You can buy every politician… with all this money, and I think [that’s what] happened.”
Verbruggen also talks about the impact of oil on the climate crisis — the most significant driving factor, according to him — and says the companies should invest “a far greater share of their profits in moving to low-carbon energy.”
The report has yet to be peer-reviewed or published, but experts from Carbon Tracker, London School of Economics, and University College of London have confirmed the analysis.
What do you think about this revelation?
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