Oil CEOs Cashed in $99 Million in Stock During Ukraine Invasion

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Russia invasion of Ukraine has, in two long weeks, brought untold suffering and instability. Yet where most reasonable observers see a growing tragedy, the CEOs of big oil companies see an opportunity.

It’s according to a new To analyse by nonprofits BailoutWatch and Friends of the Earth, which says at least five oil executives have cashed in nearly $99 million in stock since late February. Specifically, the organizations claim that the CEO of Hess Corporation sold 650,000 shares with a total value of $65 million between March 4 and March 8. Pioneer of natural resources Director reportedly sold $10.6 million worth of stock between February March 24 and 3. Three more frames—Scott Sheffield, CEO of Pioneer, Lee Tillman, CEO of Marathon Oil, and Jack Stark, President of Continental Resources—handset sold around $23.3 million shares.

“The CEOs of these companies have been caught profiting from the war,” Lukas Ross, p.programmanager at Friends of the Earth, shelp in a statement. “If we are to protect consumers from pain at the pump or preserve a livable climate, it is clear that the age of fossil fuels must end.” The report, released on Thursday, comes just two days after the United States announcement it would ban imports of Russian oil.

At the same time, the report finds 18 of the world’s top oil CEOs have increase their collective net worth $8 billion since Joe Biden took office. Unlike some predictions, Biden’s climate agenda doesn’t exactly require leaders to cut a second job anytime soon. The same cannot be said of workers. A separate To analyse conducted by BailoutWatch claimed workers at Chevron, ConocoPhillips and Phillips 66 all suffered layoffs in 2020, while the CEOs of those same companies gave themselves raises.

Although oil industry supporters regularly attack Biden’s energy policies, the president’s climate report card is, in fact, a mixed bag. Despite encouraging significant commitments to phase out fossil fuels, Biden simultaneously reopened a federal program to sell oil and gas leases on federal lands and eventually supervised one of the largest lease sales in the country’s history. Adding to this, a To analyse conducted late last year by advocacy group Public Citizen determined Biden the administration had approved more fossil fuel leases on public lands than Trump had in any year of his presidency other than 2020.

While Biden’s climate policies certainly represent a step back from Trump’s “drill baby drill” edict, they are still far from an oil crushing boogeyman. Even in the Face of the Emergence of Climate-Friendly Policies, the New Analysis Shows How Oil Leaders Can Still Find Ways to make a profit when pressed.

“The actions of these oil executives make it clear that no matter how much they complain about the Biden administration’s environmental policies and blame Putin for the high prices, their goal remains entirely to line their pockets,” BailOutWatch said.has aanalyst Christopher Kuveke said in a statement. “There is no point in looking for other answers in the school of industry red herrings.”

James T. Quintero