Story perspectives

JPMorgan, BP, Shell, BAE, TotalEnergies Post Strong Q1 Gains

5/8/2026

Summary

Energy Giants Surge

Summary

Greenpeace Demands Tax

On 2026-05-07, Greenpeace International urged permanent taxes on oil and gas profits, a UN-backed polluter tax, and rules to block profit shifting to havens.
Revenue would fund households facing higher energy bills and finance renewable-energy projects.
Shell’s Pearl gas plant in Qatar was hit by a drone, cutting output 4% and needing a year for repairs.

Summary

Oil Lobbyists Surge

Earnings are driving a surge in oil-industry lobbying, which analysts say could cement fossil-fuel subsidies like the 2025 One Big Beautiful Bill Act.
President Donald Trump dismissed the gasoline price spike as a very small price to pay while the U.S. average rose to $4.52 per gallon, eroding his popularity.
Industry profits—including a $2.3 billion Q1 gain by ConocoPhillips, a $1.2 billion profit by Valero, and $10 million by Liberty—boosted the lobbying bankroll.

History

Historical Context

In October 1973 OAPEC, led by Saudi King Faisal, cut production and imposed an oil embargo on the United States, sending world oil prices up about 400% by 1974. The shock created a petrodollar system that still influences regulation. Record Q1 2026 earnings by JPMorgan, BP, Shell and BAE have revived calls for permanent fossil-fuel taxes, echoing the 1973 push for stricter rules.

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Energy Giants Surge

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