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Today in Focus

Big oil making $30m an hour from Iran war - The Latest

Today in Focus

The Guardian

News, Daily News

4.65.9K Ratings

🗓️ 15 April 2026

⏱️ 10 minutes

🧾️ Download transcript

Summary

The world’s top 100 oil and gas companies made more than $30m every hour in unearned profit in the first month of the US-Israeli war in Iran, according to exclusive analysis for the Guardian. The conflict pushed the price of oil to an average of $100 a barrel in March, leading to estimated windfall war profits for the month of $23bn for the companies. Lucy Hough speaks to Damian Carrington, the Guardian’s environment editor watch on YouTube. Help support our independent journalism at theguardian.com/infocus

Transcript

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0:00.0

This is The Guardian.

0:12.0

Bjorn and gas business is the most lucrative industry in the history of humanity.

0:16.0

30 million dollars an hour. Imagine what you could do with that.

0:18.7

Russian companies could make about 20 billion,

0:21.3

and so you can imagine this has been very good for Vladimir Putin. But the only way to kind of

0:25.2

solve this problem once and for all is to transition away from fossil fuels to renewable energy.

0:31.8

Fossil fuel giants have been raking in tens of millions every hour since the start of the Iran

0:36.8

war, with climate action blockers

0:38.8

like Saudi Arabia and Russia, the biggest beneficiaries. From The Guardians today in Focus,

0:44.2

this is the latest with me, Lucy Hoff. Damien Carrington, thanks for dialing in. You are our

0:51.8

environmental editor who's been looking into the massive mind-boggling profits that are being made by oil giants during this time of war.

1:03.4

At a time where we, you know, we on the show have been talking for some weeks now about the impact on consumers, you know, people already feeling the pinch, worried about another cost of living crisis, seeing rising petrol prices, etc. Tell me about what you've found.

1:17.5

Yeah, hi Lucy. Thanks for having me. So what we found in the analysis that was done for The Guardian

1:21.6

is that the top 100 oil and gas companies in the world in March March, made about $30 million an hour,

1:29.1

according to the best estimates we have, which is...

1:31.1

$30 million an hour? Yeah, $30 million an hour. Imagine what you could do with that.

1:35.3

So this is important to say that it is unearned profit. This is like windfall profit.

1:39.2

They didn't do anything different. It's just the war put up the price, and therefore they

1:43.6

benefited. And also

1:44.8

importantly is to remember is that it comes from you and me and everybody else who pays the

1:49.4

bill. So if you've filled up a car recently and gone, oh my God, that was 150 quid, you know,

1:54.3

that money is going straight off to these big oil and gas companies. If the oil price stays

...

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