2022 Global Oil and Natural Gas Proceeds Revealed

On Saturday, the head of the International Energy Agency announced that, in 2022, the global oil and natural gas industry earned over $4 trillion. This was a massive increase from the $1.5 trillion average in previous years. The head of the organization tweeted, "The global oil and gas industry's income jumped to almost $4 trillion in 2022, a huge rise from its recent average of $1.5 trillion." The chief went on to say, "The sector has a unique opportunity to invest a significant chunk of this in clean energy transitions, especially in emerging & developing economies." He did not suggest investing a large chunk of that revenue in additional oil and gas production capacity. This is something that many, including Goldman Sachs and Saudi Arabia, have been saying is vitally important if a major energy shortage is to be avoided. Many of the super major oil companies, including Shell, Chevron, and ExxonMobile, reported record years in profits. Shell, BP, Chevron, TotalEnergies, and ExxonMobil are expected to announce a combined $200 billion in profits for 2022.