Russia’s invasion of Ukraine combined with the geopolitical instability it caused made 2022 a great year to be an oil major. Supply chain shortages and Western sanctions on Russian energy caused oil prices to surge, after which they leveled off at prices higher than their average over the past 10 years. As a result, Exxon made $56 billion in profit. Chevron made $36 billion. Shell made $40 billion, its highest profit in over a century. Commodity traders who move oil around the world also notched record-high profits. The numbers have sparked a wide debate over the fairness of these windfalls, how those companies are spending that money, and how it should be taxed.
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