As the world’s biggest oil companies posted $93 billion in profits in the second quarter of 2026, new analysis by 350.org shows that Indonesian households are paying the price, with Iran war-driven oil shocks imposing billions of dollars on the economy.
Scientists estimate that emissions from just five fossil fuel corporations - BP, Chevron, ExxonMobil, Shell and TotalEnergies - were sufficient to cause around one in four of the heatwaves recorded globally between 2000 and 2023. Those same five companies are now announcing another blockbuster quarter of fossil fuel profits.
This summer is proving to be one of the most brutal yet. Intense heatwaves are killing thousands of people, flash floods are submerging entire towns, and wildfires are sweeping through regions once considered safe. These are all symptoms of a climate crisis driven by fossil fuel dependence.
In response to threats over closure of Saudi Arabian oil routes in the Red Sea by the Houthi group, climate justice organization 350.org has warned that the crisis exposes the true cost of continued global reliance on fossil fuels.
As London Climate Action Week unfolded against the backdrop of one of the UK’s most extreme heatwaves, journalists, frontline voices and campaigners gathered for a landmark Make Polluters Pay event highlighting the growing political, legal and public momentum to hold fossil fuel companies accountable for climate damage.
New analysis by 350.org shows that people and businesses will continue to pay a steep price for fossil fuel dependence, even if the Strait of Hormuz fully reopens and remains so. According to 350.org calculations, an estimated $374bn has already been transferred from households and businesses to the oil and gas industry through higher prices.
