Commentary: Why the bonanza of Big Oil has finally come to an end

The major oil corporations are profiting from the current crisis, according to recent data. In the first six months of the year, the five largest Western oil companies earned a staggering 68.5 billion dollars, almost double the amount they made in 2025. Consumers, however, are the biggest losers. As the oil giants rake in record profits, motorists are facing record-high prices at the pump.

This is not just a German issue; even in the United States, the rise in profits from Big Oil is sparking more criticism. Even former President Donald Trump has commented on the excessive earnings of the oil companies, which he does not approve of. It is not surprising that fossil giants have been making billions as oil prices have surged.

This was even more the case in 2022, shortly after the outbreak of the Ukrainian war. Since then, Big Oil has become more efficient, cost-effective, and digital, and they now earn significantly more per barrel than they did four years ago. This is particularly evident when looking at refinery margins. These maintenance-heavy factories have been costly and underutilized in the past years, but now the oil companies are nearing their limits.

Total Energies reported a 12.4 dollar increase in European refinery margins (ERM) per barrel for the first half of the year – almost a threefold increase from the previous year. British Shell also reported 100% utilization in the second half of the year.