Russia’sinvasionof Ukraine has , in two long weeks , brought untold suffering and instability . Yet , where most sensible observer see an escalating disaster , Big Oil CEOs see an opportunity .
That ’s harmonize to a newanalysisconducted by not-for-profit BailoutWatch and Friends of the Earth , which claims at least five oil executives have cashed out nearly $ 99 million worth of stock since late February . Specifically , the establishment lay claim Hess Corporation ’s chief operating officer trade 650,000 shares worth a aggregate of $ 65 million between March 4 and March 8 . Pioneer Natural Resources Director reportedly sell $ 10.6 million worth of portion between February 24 and March 3 . Three other administrator — Pioneer chief operating officer Scott Sheffield , Marathon Oil chief operating officer Lee Tillman , and Continental Resources President Jack Stark — combined sell around $ 23.3 million Charles Frederick Worth of share .
“ The CEO of these companies have been caught cash in in on warfare , ” Lukas Ross , program manager at Friends of the Earth , order in a financial statement . “ If we require to protect consumer from pain in the ass at the heart , or preserve a liveable climate , it is reset the old age of fossil fuels must terminate . ” The report , released Thursday , do just two daytime after the U.S.announcedit would ban Russian rock oil imports .
Photo: David McNew (Getty Images)
At the same time , the report finds 18 of the public ’s top oil CEOs have increased their collective last worth by $ 8 billion since Joe Biden took office . perverse to somepredictions , Biden ’s climate agenda is n’t exactly forcing administrator to scrap together 2nd jobs anytime before long . The same ca n’t be said for doer . A separateanalysisconducted by BailoutWatch arrogate workers at Chevron , ConocoPhillips , and Phillips 66 all die hard layoffs in 2020 , while the chief executive officer for those same companies devote themselves raises .
Though oil industry booster regularly assail Biden ’s energy policy , the Chief Executive ’s climatereport cardis , in reality , a mixed old bag . Despite cheerleading meaningful commitments to phase out fossil fuels , Biden simultaneouslyreopeneda federal program to sell crude and gas lease on Union earth and eventuallyoversawone of the largest lease sales in the nation ’s story . add to that , ananalysisconducted deep last year by protagonism group Public Citizen determined the Biden judicature had approve more fossil fuel leases on public lands than Trump had in any year of his presidency other than 2020 .
While Biden ’s climate policies certainly act a step back from Trump ’s “ recitation baby drill ” edict , they ’re still a far call from an rock oil - crushing boogeyman . Even in the cheek of emerging pro - climate policy , the new analysis demonstrates how oil executives can still find paths to turn a earnings when weight-lift .
“ The actions of these oil executive make it clear that no matter how much they moan about the Biden Administration ’s environmental policies and blame Putin for gamey price , their focus remain exclusively on lining their own sack , ” BailOutWatch data analyst Christopher Kuveke say in a statement . “ There ’s no use of goods and services looking for other answers in the industry ’s school of blood-red herring . ”
Joe BidenPetroleum industryPutin
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