So glad we dropped the gas taxes in Canada, starving the public purse of much needed income in a time of unprecedented spending.

But at least the price at the pumps is cheaper now, right?

Right?

ConocoPhillips last week reported $2.3bn in profits for the first three months of 2026, up 84% from before the war began. Meanwhile, top petroleum refiner Valero Energy announced quarterly profits of $1.2bn, beating estimates. Liberty Energy, founded and formerly run by Donald Trump’s energy secretary Chris Wright, saw quarterly earnings of $10m, up 32% from before the war began. BP, meanwhile, said it had seen “exceptional” performance, more than doubling its profits during the year’s first quarter, while Shell on Thursday also reported its first-quarter profits were stronger than expected.

The oil majors Chevron and ExxonMobil both saw their profits drop during the first three months of 2026, executives reported in earnings calls. Yet in short order, that trajectory will shift, analysts say. Consensus estimates shows ExxonMobil’s second-quarter earnings will more than double from a year ago, while Chevron profits are expected to increase by 56% for the year.

#CDNPoli #Oiligarchy #FossilFools #CDNPetroState
https://www.theguardian.com/us-news/2026/may/07/iran-war-big-oil-climate