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Big Oil's 'monster profits' and climate rollbacks

Today on Front Burner, after a year of record profits in 2022, Big Oil is doubling down on fossil fuels. So, what does this mean for its promises to drive down emissions and pivot to renewable energy?
CBC News ·
A flare stack lights the sky from the Imperial Oil refinery in Edmonton Alta, on Friday December 28, 2018. Alberta's oilsands are at the centre of a closely watched court battle in New York today. The state's attorney general is accusing Exxon, which has extensive oilsands interests through its subsidiary Imperial Oil, of deliberately misrepresenting the risks those operations face as governments move to fight climate change. THE CANADIAN PRESS/Jason Franson
A flare stack lights the sky from the Imperial Oil refinery in Edmonton. (Jason Franson/The Canadian Press)
Front Burner25:31Big Oil’s ‘monster profits’ and climate rollbacks

Last week, United Nations Secretary-General António Guterres called out oil companies for raking in "monster profits" and expanding production instead of focusing on renewable energy.

2022 was a record-breaking year for oil producers. According to the International Energy Agency, global gas and oil profits went from a recent average of $1.5 trillion to four trillion dollars last year alone. And in the wake of those profits many oil companies are walking back on climate-friendly pledges.

Today on Front Burner, we'll be talking about why Big Oil is raking in so much cash, how long a fossil fuel resurgence could really last. 

Geoff Dembicki is an investigative climate reporter who has been following this closely for DeSmog and the author of The Petroleum Papers.

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