As the climate crisis escalates, oil companies are posting record profits. We must end the expansion of oil, gas and coal and accelerate a fair energy transition
This week, major oil and gas companies reported 11-figure profits in the second quarter. At the same time, inflation has reached 40-year highs around the world and recessions loom. The obscene profits of the fossil fuel industry are jarring when set against the many households currently struggling to afford basic heating, cooling and food needs.
Today, high energy prices are one of the leading factors driving inflation and those prices are getting embedded into every facet of daily life, most obviously at the gas pump but also in delivery costs that affect everything from produce to paper towels.
Tzeporah Berman is the international program director at Stand.earth and the chair of the Fossil Fuel Non-Proliferation Treaty Initiative
(SOURCE) https://www.theguardian.com/commentisfree/2022/aug/03/big-oil-fossil-fuel-non-proliferation-treaty