It takes just one second to read this sentence. In that same second, the world's biggest oil companies have made nearly $3,000. That is according to a new report by Oxfam International, which says six of the world's largest fossil fuel companies are expected to earn $2,967 every second in 2026.
The six companies are Chevron, Shell, BP, ConocoPhillips, ExxonMobil and TotalEnergies.
Together, they are projected to make $94 billion in profits this year alone. Not revenue - profit. That works out to about $37 million more per day than they earned in 2025.
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The report was released ahead of a major global conference on moving away from fossil fuels, which will be held in Santa Marta.
While oil giants are posting massive profits, many American families are struggling with rising living costs. Electricity bills are soaring, petrol prices remain high, and inflation continues to eat into household savings.
The ongoing conflict in the Middle East has made matters worse. Tensions involving Iran and disruptions around the Strait of Hormuz have pushed oil prices above $100 per barrel.
As oil prices rise, company profits climb even faster.
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Oxfam says the $94 billion these firms are expected to make this year would be enough to provide solar power to nearly 50 million people in Africa.
Source: India Latest News, Breaking News Today, Top News Headlines | Times Now
