Ukraine War Boosts Big Oil Profits, Highlights Energy Security

Back in 2022, the oil industry became the target of multiple attacks from high-ranking politicians because of the record profits Big Oil reported for that year. It was the year of Russia’s invasion of Ukraine, which had led to a surge in oil and gas prices—which in turn led to a rise in Big Oil profits as the developed world got a stark reminder that energy security is not a given. It also got a stark reminder that oil and gas are still the basis for the normal functioning of any economy. President Biden accused the industry of “war…