Tag: Exxon Mobil

  • ‘Sickening’ super-profits for banks and Big Oil drive cost-of-living crisis

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    https://morningstaronline.co.uk/article/sickening-super-profits-banks-and-big-oil-drive-cost-living-crisis

    ‘These obscene profits are a slap in the face to workers whose jobs and futures have not been adequately planned for’

    Lloyds nearly doubled third-quarter profits to £2.3bn and Shell’s leapt to £8.12bn in the same week the Chancellor gave banks a lighter tax hit than expected — prompting calls for levies to redirect “obscene” gains into household support

    “SICKENING” super-profits by banks and fossil-fuel giants are windfalls from the same crises driving a cost-of-living crisis for ordinary people, MPs and campaigners warned today.

    Just a day after Chancellor John Healey’s light-touch Budget appeased banks with a lower than expected corporation tax surcharge, Lloyds Banking Group revealed a near-doubling of profits in the third quarter — to £2.3 billion from £1.2bn in the same period last year.

    And oil giant Shell reported a similarly dramatic rise, its third-quarter earnings leaping to £8.12bn from £4.08bn a year ago.

    Their surging fortunes reflect a boom time for banks and Big Oil alike. Barclays was the first of the British “big four” banks to post third-quarter profits at the start of the week, giving a figure of £2.3bn — a 12 per cent rise that hasn’t stopped it announcing 5,000 job cuts. HSBC followed with $9.6bn (£7.2bn), a 32 per cent increase. NatWest is due to announce its figure tomorrow.

    And the five largest Western oil companies, BP, Chevron, Exxon Mobil, Shell and TotalEnergies, are expected to report combined third-quarter profits of $53bn (£40bn), more than twice the same figure last year.

    “The banks and energy firms are cashing in on the very same soaring prices that are hammering households,” Leeds East MP Richard Burgon told the Morning Star.

    “Their super-profits aren’t the result of great investments or innovation. They’re windfalls from the economic turmoil caused by the wars on Ukraine and Iran.

    “Windfall taxes should be used to redirect these excess profits into where they’d be really useful — giving cost-of-living support to ordinary people.”

    …

    Article continues at https://morningstaronline.co.uk/article/sickening-super-profits-banks-and-big-oil-drive-cost-living-crisis

    Andy Burnham brings absurd comedy to politics
    Andy Burnham brings absurd comedy to politics

  • Trump Admin Planning to Use Private Mercenaries to Shield Oil Plunder Efforts in Venezuela

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    Original article by republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

    Blackwater founder Erik Prince walks with police on April 5, 2025 in Guayaquil, Ecuador. (Photo by Agencia Press South/Getty Images)

    Erik Prince, the notorious founder of Blackwater, has reportedly been floated as a possible option as the Trump administration seeks help securing and exploiting Venezuela’s oil operations.

    The Trump administration is reportedly planning to hire private military contractors—including possibly the notorious mercenary Erik Prince—to provide security as the US works to plunder Venezuela’s massive oil reserves.

    CNN reported Thursday that “multiple private security companies are already jockeying to get involved in the US presence in Venezuela” as American oil giants push for physical security guarantees before they back President Donald Trump’s push for $100 billion in investment in the country.

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    “Interest is high given the potential payday; during the Iraq War, the US spent some $138 billion on private security, logistics, and reconstruction contractors,” the outlet noted. “One source suggested that Erik Prince, the former Blackwater founder and controversial Trump ally, could also be tapped for help. Prince’s Blackwater played an outsized role in Iraq after the 2003 US invasion, providing security, logistics, and support for oil infrastructure. But the firm came under intense scrutiny following the 2007 deadly shooting of Iraqi civilians.”

    Prince is currently operating in the region, having partnered with Ecuador’s right-wing government as part of a crackdown on organized crime that has been replete with human rights abuses.

    News of the Trump administration’s potential use of private mercenaries in Venezuela came after the US officially completed its first sale of Venezuelan oil. The sale, valued at $500 million, came days after Trump met with top oil executives at the White House to discuss efforts to exploit Venezuela’s oil reserves following the illegal US abduction of President Nicolás Maduro earlier this month.

    Darren Woods, the CEO of Exxon Mobil, said his company would need “durable investment protections” before making any commitments in Venezuela.

    CNN reported Thursday that the Pentagon has “put out a Request for Information to contractors about their ability to support possible US military operations in Venezuela.”

    “Contractors are also in touch with the State Department’s overseas building operations office to cite interest in providing security if and when the US embassy in Venezuela reopens,” according to CNN.

    Elon Musk urges you to be a Fascist like him, says that you can ignore facts and reality then.
    Elon Musk urges you to be a Fascist like him, says that you can ignore facts and reality then.
    Donald Fuhrump says that Amerikkka doesn't bother with crimes or charges anymore, not being 100% Amerikkkan and opposing his real estate intentions is enough.
    Donald Fuhrump says that Amerikkka doesn’t bother with crimes or charges anymore, not being 100% Amerikkkan and opposing his real estate intentions is enough.
    Orcas discuss how Trump was re-elected and him being an obviously insane, xenophobic Fascist.
    Orcas discuss how Trump was re-elected and him being an obviously insane, xenophobic Fascist.

  • Exxon Still Has Its Foot on the Accelerator of the Climate Emergency

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    A billboard in Austin, Texas, recognises and acknowledges Big Oil as causing climate crisis. (Image: Fossil Free Media)
    A billboard in Austin, Texas, recognises and acknowledges Big Oil as causing climate crisis. (Image: Fossil Free Media)

    https://www.commondreams.org/opinion/exxon-climate-emergency

    If one oil company is synonymous with funding decades of climate denial, it is Exxon. For decades, the oil giant copied the deadly playbook of Big Tobacco of sowing doubt about the evidence and delaying action.

    The company funded a covert network of foot soldiers to deny evidence, delay action, and divert away from the industry. Between the late ’90s and 2005, the oil giant donated $16 million to numerous right-wing and libertarian think tanks to manufacture uncertainty about climate change.

    The oil company spread such confusion and obfuscation despite knowing for decades that fossil fuels would cause global warming. The company knew by the ’60s that climate change could have catastrophic consequences. For example, a report for the American Petroleum Institute, on which Exxon is a prominent member, warned of the dangers of climate change and the risks to sea level rise if Antarctic glaciers melted.

    We must keep trying to hold the companies to account for their failure to act, for their failure to future generations.

    Nine years later, in 1977, Exxon’s leaders were told directly by a senior company scientist, James F. Black, about the looming climate crisis. “In the first place, there is general scientific agreement that the most likely manner in which mankind is influencing the global climate is through carbon dioxide release from the burning of fossil fuels,” he told Exxon’s Management Committee.

    Decades after the company was first warned about climate change, in October 1997, the head of Exxon at the time, Lee “iron ass” Raymond, delivered a speech to the Fifteenth World Petroleum Congress in China.

    As Steve Coll recalls in his book Private Empire, Raymond “devoted 33 paragraphs of his 78-paragraph speech to the argument that evidence about manmade climate change was an illusion.”

    Months later, Exxon helped create a task force working with the American Petroleum Institute: “Victory will be achieved when average citizens understand (recognize) uncertainties in climate science” and when public “recognition of uncertainty becomes part of ‘unconventional wisdom.’” Where Big Tobacco led, Exxon followed with devastating consequences.

    In 2006, nearly three decades after Exxon was first warned about climate change, the British Royal Society wrote to Exxon asking the company to stop funding organizations that feature information “on their websites that misrepresented the science of climate change, by outright denial of the evidence that greenhouse gases are driving climate change, or by overstating the amount and significance of uncertainty in knowledge or by conveying a misleading impression of the potential impacts of anthropogenic climate change.”

    When Raymond retired, the Independent newspaper ran a front-page headline the following year: “The man who sold the planet.” The paper called Exxon the “Darth Vader of global warming” for its “denial that carbon emissions cause climate change.”

    …

    https://www.commondreams.org/opinion/exxon-climate-emergency