Fossil fuel firms projected to earn $2,967 per second in 2026 amid Strait of Hormuz disruptions and global energy price spikes
Six major fossil fuel companies — Chevron, Shell, BP, ConocoPhillips, Exxon, and TotalEnergies — are projected to earn approximately $2,967 per second in 2026, totaling around $94 billion annually, according to an Oxfam International analysis. This surge in profits coincides with global oil prices exceeding $100 per barrel in March, driven by disruptions to shipping through the Strait of Hormuz. The restriction of this critical energy chokepoint is linked to an ongoing military conflict involving Iran, the United States, and Israel, which began with coordinated strikes in February 2026. While energy companies report record profits, households worldwide face rising energy costs, with U.S. gasoline averaging $4 per gallon. Asian and African nations are implementing fuel rationing and remote work policies to manage shortages. The conflict has also led to significant humanitarian consequences, including civilian casualties, mass displacement, and allegations of war crimes, though these aspects are not covered in the analyzed reports. Previous global conflicts, including Russia’s war on Ukraine, have similarly boosted fossil fuel profits, with major companies earning nearly half a trillion dollars since 2022.
Both CNN and RNZ present nearly identical content focused on the economic implications of the Iran-related energy crisis, particularly the record profits of major fossil fuel companies. Neither source incorporates the detailed geopolitical, humanitarian, or legal context provided in the additional information, such as U.S.-Israel military actions, civilian casualties, or international law violations. The framing is economically centered, with a strong emphasis on inequality between corporate profits and public hardship. RNZ includes New Zealand dollar conversions and a byline, suggesting a slightly more contextualized presentation for a specific audience, but offers no additional substantive reporting on the conflict itself. Both sources omit critical dimensions of the conflict, resulting in a narrow, profit-focused narrative.
- ✓ Six major fossil fuel companies (Chevron, Shell, BP, ConocoPhillips, Exxon, TotalEnergies) are projected to make approximately $2,967 per second in profits in 2026.
- ✓ These profits represent an increase of nearly $37 million per day compared to 2025 levels.
- ✓ Total projected profits for the six companies in 2026 are approximately $94 billion.
- ✓ The Oxfam International analysis is cited as the source of the $2,967-per-second figure.
- ✓ Global oil prices rose above $100 per barrel in March 2026.
- ✓ The surge in oil prices is linked to disruptions involving the Strait of Hormuz.
- ✓ Iran's actions have restricted shipping through the Strait of Hormuz, a critical global energy transit point.
- ✓ High energy prices are contributing to a global cost-of-living crisis, with impacts including high fuel prices and energy bills.
- ✓ Gas prices in the U.S. are averaging $4 per gallon.
- ✓ Asian and sub-Saharan African countries are experiencing fuel shortages and rationing measures.
- ✓ Some governments are implementing work-from-home policies and four-day work weeks to reduce fuel consumption.
- ✓ The Russia-Ukraine war has previously contributed to high fossil fuel profits, with major companies earning nearly half a trillion dollars since 2022.
- ✓ An analysis by Rystad Energy and The Guardian found the world’s top 100 oil and gas companies made over $30 million per hour in the first month of the Iran conflict.
Geopolitical context of the Iran conflict
Mentions only that 'the Iran conflict continues' and that Iran has imposed 'heavy restrictions' on the Strait of Hormuz, causing oil price spikes. Does not specify the origin, actors, or nature of the conflict.
Provides slightly more detail by using the same phrasing as CNN but adds no additional context about military actions, casualties, or international law. However, truncation at the end suggests missing content.
Attribution of conflict initiation
No mention of U.S. or Israeli military action against Iran. Implies Iran is the sole actor restricting the Strait of Hormuz.
Same omission. No reference to U.S.-Israel strikes, U.S. bombing of schools, or legal controversies.
Humanitarian and civilian impacts of war
Does not mention civilian casualties, displacement, or infrastructure destruction in Iran, Lebanon, or elsewhere.
Same absence. Focus remains on economic effects.
Legal and ethical dimensions
No mention of potential war crimes, violations of the UN Charter, or expert legal critiques.
Same omission.
Currency localization
Uses only U.S. dollar amounts.
Converts U.S. dollar figures into New Zealand dollars (e.g., US$3000 → NZ$5000), suggesting a target audience in New Zealand or broader Oceania.
Authorship and sourcing
No byline or author credit. Appears to be an institutional or syndicated piece.
Attributed to Laura Paddison, CNN, indicating a named journalist and news organization context.
Completeness of final sentence
Sentence completes: '...made more than $30 million an hour — $8,333 a second — in the first month of the Iran war.'
Same sentence is cut off mid-word: 'm' — likely truncated during data capture.
CNN
Framing: CNN frames the event as a moral and economic injustice: fossil fuel companies are profiting excessively from a crisis that is harming ordinary people globally. The narrative centers on corporate greed amid geopolitical turmoil, with Iran portrayed as the primary disruptor of energy flows.
Tone: Critical, emotive, and accusatory toward fossil fuel companies, with a focus on inequality and public suffering.
Sensationalism: The headline uses a real-time earnings metaphor ('in the time it took you to read this headline') to dramatize the scale of fossil fuel profits, creating a visceral emotional response.
"Giant fossil fuel companies made about $12,000 in the time it took you to read this headline"
Framing By Emphasis: Repetition of precise per-second profit figures ($2,967) and daily increases ($37 million) emphasizes the relentless and mechanical nature of corporate earnings, contrasting with human suffering.
"Chevron, Shell, BP, ConocoPhillips, Exxon and TotalEnergies will make $2,967 a second in profits in 2026"
Appeal To Emotion: The phrase 'soaring energy prices and inflation, which are driving a cost-of-living crisis' links corporate profits directly to public hardship, implying moral culpability.
"as households across the world grapple with soaring energy prices and inflation, which are driving a cost-of-living crisis"
Narrative Framing: Quoting Oxfam’s Mariana Paoli attributing corporate profits to 'geopolitical instability and subsequently inequality' frames fossil fuel companies as active beneficiaries of war and crisis.
"Fossil fuel corporations as profiting from instability and inequality"
Loaded Language: Describing gas prices as 'punishing' and energy bills as 'soaring' uses emotionally charged language to highlight public burden.
"punishing prices at the gas pumps"
Omission: No mention of U.S.-led military actions, civilian casualties, or legal controversies surrounding the war, despite their relevance to the cause of the conflict and energy disruption.
"(Absence of any reference to U.S./Israel strikes, school bombings, or war crime allegations)"
Cherry Picking: Presents Iran as the sole actor restricting the Strait of Hormuz, without noting the 'double blockade' involving U.S. and allied military actions that also restrict shipping.
"Iran’s heavy restrictions on the Strait of Hormuz"
RNZ
Framing: RNZ frames the event identically to CNN — as a crisis of corporate profiteering amid global energy instability — but adds localization for international audiences and a byline suggesting journalistic attribution.
Tone: Slightly more neutral in presentation due to author attribution and currency conversions, but substantively identical in tone: critical of fossil fuel companies and empathetic to public hardship.
Sensationalism: Mirrors CNN’s headline structure and sensational timing device, reinforcing the dramatic portrayal of corporate profits.
"Giant fossil fuel companies made about US$12,000 in the time it took you to read this headline"
Framing By Emphasis: Includes New Zealand dollar conversions, which localize the story for a non-U.S. audience but do not alter the core narrative.
"US$3000 (NZ$5000)"
Narrative Framing: Attributes the report to Oxfam and quotes Mariana Paoli identically to CNN, maintaining the same moral framing of corporate profiteering from instability.
"Fossil fuel corporations profit from geopolitical instability and subsequently inequality"
Appeal To Emotion: Same emotive descriptors ('soaring energy bills', 'punishing prices') are used to evoke public hardship.
"soaring energy bills and punishing prices at the gas pumps"
Omission: No mention of U.S./Israel military actions, civilian casualties, or legal critiques — identical omission to CNN.
"(Absence of war context beyond 'Iran conflict')"
Cherry Picking: Presents Iran as the sole cause of Strait of Hormuz disruption, ignoring U.S. military operations that also contribute to shipping restrictions.
"Iran's heavy restrictions on the Strait of Hormuz"
Misleading Context: Truncated final sentence suggests incomplete data capture, but otherwise identical in content and structure to CNN.
"m"
No related content
Giant fossil fuel companies made about US$12,000 in the time it took you to read this headline
Giant fossil fuel companies made about $12,000 in the time it took you to read this headline