While millions across the US and globally face energy insecurity and rising costs of living, major oil and gas corporations continue to post unprecedented earnings driven by the war in the Middle East and an energy system rigged in their favor.
In addition to the horrific loss of human life, campaigners say the crisis highlights how dependence on fossil fuels enriches the few at the expense of the many. The analysis estimates that rising oil and gas prices have already cost consumers and businesses an additional $104.2–$111.6 billion. Impacts have been sharp and immediate, from textile factory layoffs in Bangladesh, to fuel rationing in Kenya, to a looming recession in the United States.
As volatile energy prices continue to spike, driven in part by geopolitical instability and gas market shocks, governments face an urgent challenge: how to bring down household energy bills immediately and protect their citizens from fossil-flation making everything more expensive.
The proposed agreement risks locking Europe into decades of fossil fuel dependency while exposing households to rising energy costs and geopolitical pressure. The warning comes amid escalating pressure from the Trump administration, which has threatened to restrict gas supplies to Europe unless the deal is agreed without amendments.
Trump administration will pay $1 billion to French energy giant TotalEnergies to abandon two U.S. offshore wind leases, the campaign group 350.org condemned the move as a reckless misuse of public funds that undermines clean energy progress and locks in future energy insecurity.
Soaring prices for fuel, fertilizer and food could be the last straw for millions of families in the global South already pushed into poverty by climate change. Governments must act now to stop oil and gas companies profiting from the war— by taxing their windfall profits to finance protections for ordinary people.
