{"id":3881,"date":"2022-03-29T00:00:00","date_gmt":"2022-03-29T00:00:00","guid":{"rendered":"http:\/\/www-prod.greenpeace.org\/usa\/campaign-updates\/3881\/briefing-u-s-oil-and-gas-companies-set-to-make-tens-of-billions-more-from-wartime-oil-prices-in-2022\/"},"modified":"2024-12-12T22:28:25","modified_gmt":"2024-12-12T22:28:25","slug":"briefing-u-s-oil-and-gas-companies-set-to-make-tens-of-billions-more-from-wartime-oil-prices-in-2022","status":"publish","type":"post","link":"https:\/\/www.greenpeace.org\/usa\/briefing-u-s-oil-and-gas-companies-set-to-make-tens-of-billions-more-from-wartime-oil-prices-in-2022\/","title":{"rendered":"Briefing: U.S. Oil and Gas Companies Set to Make Tens of Billions More from Wartime Oil Prices in 2022"},"content":{"rendered":"<p><span class=\"p4descriptive_paragraph\">New analysis by Global Witness, Greenpeace USA and Oil Change International finds that high oil prices due to Russia\u2019s invasion of Ukraine will net the U.S. upstream oil and gas industry a windfall of $37 to $126 billion (all totals USD) in 2022 alone.<\/span><\/p>\n<figure class=\"wp-block-image size-large p4featured_image\"><img decoding=\"async\" src=\"https:\/\/storage.googleapis.com\/planet4-usa-stateless\/2024\/11\/366a6ac8-gp1sx72e_web_size_with_credit_line.jpg\" alt=\"Oil and Gas Company Profits in the US\" \/><figcaption class=\"wp-element-caption\">Greenpeace US activists hold up a sign with the profits for oil companies.<\/figcaption><\/figure>\n<p>As American families continue to be hammered by skyrocketing gasoline prices, U.S. oil and gas companies are poised to reap tens of billions in windfall profits thanks to high wartime prices. New analysis by Global Witness, Greenpeace USA, and Oil Change International finds that high oil prices due to Russia\u2019s invasion of Ukraine will net the U.S. upstream oil and gas industry a windfall of $37 to $126 billion (all totals USD) in 2022 alone.<\/p>\n<p>The analysis comes amidst a flurry of debate on how the government can best address gasoline prices that have surpassed $6 per gallon in some states. Despite misleading talk of \u201cenergy independence\u201d from some politicians, the United States can\u2019t drill its way to lower gasoline prices \u2014 oil prices are set on an integrated global market. Additionally, fossil fuel companies already hold leases to extract more oil and gas than global carbon budgets allow to meet climate targets. The <a href=\"https:\/\/www.whitehouse.senate.gov\/news\/release\/with-gasoline-prices-sky-high-whitehouse-leads-democrats-in-introducing-curb-on-big-oil-companies-engaged-in-profiteering-to-provide-relief-at-the-pump\" target=\"_blank\" rel=\"noopener\">Big Oil Windfall Profits Tax bill<\/a> currently being considered by Congress is a better method of easing the financial burden placed on working families.<\/p>\n<p><a href=\"https:\/\/storage.googleapis.com\/planet4-usa-stateless\/2024\/11\/9c70c3b2-oil-profits-march-2022-v3.pdf\">Download the Briefing<\/a><\/p>\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As American families continue to be hammered by skyrocketing gasoline prices, U.S. oil and gas companies are poised to reap tens of billions in windfall profits thanks to high wartime&hellip;<\/p>\n","protected":false},"author":1,"featured_media":6322,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"ep_exclude_from_search":false,"p4_og_title":"","p4_og_description":"","p4_og_image":"","p4_og_image_id":"","p4_seo_canonical_url":"","p4_campaign_name":"","p4_local_project":"","p4_basket_name":"","p4_department":"","footnotes":""},"categories":[254],"tags":[6,100],"p4-page-type":[29],"class_list":["post-3881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fossil-fuels-cat","tag-climate","tag-fossil-fuels","p4-page-type-research"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.9 (Yoast SEO v23.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Briefing: U.S. Oil and Gas Companies Set to Make Tens of Billions More from Wartime Oil Prices in 2022 - Greenpeace<\/title>\n<meta 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