The Big Picture

Vincent Boland: Despite massive windfalls Big Oil may soon be left twisting in the wind

As investors reap the benefits of massive profits, fortunes for the oil industry 2023 are tied to Ukraine, China and the health of the global economy, while demand for petrol is actually slowing

In his State of the Union address last week, US president Joe Biden lashed out at the energy industry and its outsized profits

It must feel like old times in the oil and gas business. Not for more than a decade has an industry reported profits comparable to what the world’s largest energy producers made last year. The top five global oil companies made a combined $197 billion in profit in 2022, after regular taxes. For an industry that appeared to be on its last legs a couple of years ago as demand for its products tumbled, this ...