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Politics May 23, 2026

Zelenskyy Pushes for Full EU Membership, Rejects Associate Status

Ukrainian President Volodymyr Zelenskyy has declared that the time is right for Ukraine to begin th…
The Lead: Ukraine's Push for Full EU MembershipUkrainian President Volodymyr Zelenskyy has told European Union leaders that now is the time to begin the process of Ukraine's accession to the bloc, describing a proposal for associate membership as "unfair." Zelenskyy emphasized that associate membership would leave Ukraine "voiceless" because it would not have voting rights, which would prevent Kyiv from advancing its interests.The Event Details: Political Shift in EU Accession ProcessUkraine has intensified efforts to join the EU after Hungary's former prime minister, Viktor Orban, was ousted in parliamentary elections last month. Under Orban, who maintained close ties with Russia, Budapest repeatedly used its veto power to block Ukraine's accession bid and stalled approval of aid for Kyiv.Zelenskyy's push for EU membership comes as both Kyiv and Moscow seek to advance their interests on the battlefield. The head of the Russian-occupied Luhansk region in eastern Ukraine said on Saturday the death toll from a drone attack a day earlier had risen to 10.The Data Analysis: Military Gains and CasualtiesZelenskyy said in a post on X that Ukraine had retaken almost 600 square kilometres (230 square miles) of territory since the beginning of the year, adding that Kyiv's gains were forcing Moscow to engage in negotiations aimed at ending the war, which began in February 2022.According to Zelenskyy, about 86,000 Russian soldiers have been killed since the beginning of the year, while at least 59,000 have been seriously injured and a further 800 have been taken prisoner.The Impact Analysis: Escalating Conflict and Infrastructure AttacksUkraine has increased attacks on infrastructure crucial to Russia's military and economy. Earlier this month, Kyiv attempted to attack gas facilities in southwest Russia's Orenburg region, which is home to one of the world's largest gas fields.Zelenskyy confirmed that Ukraine's military hit a large chemical plant, Metafrax Chemical, in Russia's Perm region, 1,700km (1,050 miles) from the border. "The company's products supply dozens of other Russian military production facilities, including aircraft equipment and drones, missile engines, and explosives. The production process at the enterprise has now been halted," he said.Ukraine also attacked Russian oil infrastructure, striking a refinery in the city of Yaroslavl. In Russia's Black Sea port of Novorossiysk, at least two people were injured when falling drone debris caused a fire at an oil terminal.The Prediction: Shifting Dynamics and Future OffensiveUkrainian officials believe Russia may be preparing to launch a new offensive in the coming months, as its troops regroup along the front line. The developments come as both nations continue to assert their positions on the battlefield while simultaneously engaging in diplomatic maneuvering.The United Nations expressed alarm by reports of the drone attack in Luhansk but cautioned that it could not verify the details. Kyiv has denied striking the dorm, saying it targeted an elite drone command unit in the area and that it complies with international humanitarian law.
#Zelenskyy #EU #Ukraine
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Sports May 22, 2026

Pep Guardiola: From Football Pitch to Fashion Runway

Pep Guardiola has evolved from a traditional football manager to an unexpected fashion icon, revolu…
The Fashion Revolution of Pep GuardiolaIn 2016, when Pep Guardiola took his place in the dugout for his first game in charge of Manchester City, the fashion plates in the Premier League included José Mourinho, in a quarter zip and mac at Manchester United and Arsène Wenger, dapper in his suit and unzippable puffer jacket at Arsenal. Guardiola, dressed like an overgrown school boy in v-neck, shirt, tie and blazer, didn't seem as if he was going to be that much of a sartorial threat. But 10 years down the line he is the undisputed champion of dugout style.The Transformation of Managerial FashionGuardiola can be credited as the man to relax the unwritten manager dress code, which swung between wedding-worthy smart suits or club-issued tracksuits. Instead, he chose clothes that worked beyond that small patch of grass managers stand in: blouson jackets, nice brogues, three quarter coat. By 2019, his style was a talking point – and he had a hand in making cardigans a trend for men. He wore a £1200 "lucky" grey knit 30 times in the season Man City won the treble.How Guardiola Redefined Football StyleGuardiola's loosening up continued – he brought sneakers to the dug out, preferring baseball boots by catwalk designer Rick Owens as well as combat-style trousers and Stone Island jackets. If he was increasingly praised for what he wore, in 2022 he credited his then-wife, Cristina Serra, as the person to pick his outfits. "Absolutely, ever since I met her," he told Sky Sports "before I was a disaster, now I'm elegant, thanks to her."When Football Fashion Went ViralWhen Guardiola wore a slacker-style checked shirt by Swedish brand Our Legacy to a Champions League game in March, the look – which GQ described as "cool stoner" – went viral across fashion and football time lines. Some speculated the look was the influence of his Gen Z daughter, others suggested he had hired a stylist. Whatever the backstory, he has followed it up with elegant polo necks and pleated trousers that wouldn't be out of place on the front row of the menswear shows.Guardiola's Fashion Legacy in FootballGuardiola may be saying goodbye to the Premier League but football always needs style champions to show managers – and men - life beyond the quarter zip. His fashion evolution has not only transformed how managers dress but has also influenced broader menswear trends, proving that style and substance can coexist even in the high-pressure world of professional football.
#Pep Guardiola #Manchester City #Premier League
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Sports May 22, 2026

Tuchel's England Squad: Logic Over Public Sentiment

Thomas Tuchel has selected a pragmatic England World Cup squad that prioritizes tactical logic over…
The Lead: A New Era for EnglandThomas Tuchel has unveiled his England World Cup squad, marking a significant departure from previous selection approaches. The German coach has prioritized tactical logic over sentiment, making several controversial but reasoned decisions that reflect his analytical approach to team management.The Announcement Chaos: Technology FailsThe Football Association's ambitious plan to unveil the squad exclusively through their new app ended in technical failure. At the scheduled 9:45am launch time, the app crashed for many users, offering only upbeat music, a presenter saying "We're breaking the news!" and a video of dogs. This digital mishap followed the FA's marketing approach that emphasized monetizing content and "owning the moment" through their platform.The Maguire Controversy: Social Media LeaksThe squad announcement was preempted by social media leaks, most notably by Harry Maguire himself, who expressed his disappointment at not being selected. His mother amplified the controversy with public comments about the "disgusting nature" of her son's omission. This pre-announcement drama highlighted the changing media landscape where players and their families can bypass traditional channels to express their views.The Tuchel Philosophy: Tactical Over EmotionalTuchel's selections reflect a clear tactical philosophy that values form, fitness, and specific roles over reputation or past achievements. The coach, unburdened by English football culture and loyalties, has made evidence-based decisions that prioritize what he believes gives England the best chance of success in the tournament.The Media Reaction: Instant OutcryThe immediate media response to Tuchel's squad was characterized by outrage and criticism, reflecting how modern sports coverage prioritizes perceived injustices over tactical analysis. Sky Sports even cut from the live press conference to breaking news about Manchester City's managerial changes, highlighting how club football often overshadows national team announcements. The scrolling comments on social media and television coverage demonstrated the public's preference for discussing player snubs rather than squad rationale.The Player Analysis: Key Selections and OmissionsSeveral notable decisions defined Tuchel's squad:Harry Maguire: Omitted due to pace concerns and his pre-announcement behavior, which suggested he wouldn't be a positive squad influenceCole Palmer: Left out after inconsistent form and fitness issues despite his summer 2025 promisePhil Foden: Not selected due to lack of club form and only one England goal in 29 gamesTrent Alexander-Arnold: Despite his potential as an unconventional game-breaker, his tournament performance hasn't warranted selectionIvan Toney: Included for his "pure killer" mentality and ability to impact games as a substituteJordan Henderson: Selected as a veteran presence and mentor for younger players like Jude BellinghamThe Tournament Outlook: A Different ApproachAs England prepares for what promises to be a "gruelling, episodic World Cup," Tuchel's squad represents a significant shift from previous selections. While his Champions League success with Chelsea was somewhat of a one-off, his attention to detail and tactical acumen could serve England well in the tournament's unique format. The squad reflects a meritocracy based on current form and specific roles rather than reputation, marking a potentially refreshing approach for English football.
#Thomas Tuchel #England Football #World Cup 2026
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World Wide May 22, 2026

Russia Calls Ukrainian Drone Strike on Luhansk Dormitory a ‘Monstrous Crime’

Russia reported that a Ukrainian drone hit a student dormitory in Starobilsk, Luhansk, killing at l…
On May 22, 2026, Russian officials announced that a Ukrainian drone attack on a five‑storey student dormitory in the occupied city of Starobilsk, Luhansk, killed at least four people and left dozens injured, prompting the Kremlin to label the incident a “monstrous crime.” The Drone Strike on a Luhansk Student Dormitory Regional governor Leonid Pasechnik said the UAV struck a dormitory belonging to Luhansk Pedagogical University during an overnight raid, causing the building to collapse to its second floor. The attack targeted a structure that housed roughly 86 children and teachers at the time. Casualties and Immediate Response Deaths: at least 4 confirmed. Injured: at least 35, including 3 critically, many trapped under rubble. Victims’ ages: between 14 and 18 years old. Rescue crews, despite warnings of further UAV attacks, continued extracting survivors and bodies. Al Jazeera’s Moscow correspondent Yulia Shapovalova reported ongoing rescue operations. Political Reactions and Accusations Kremlin spokesman Dmitry Peskov called the strike “a monstrous crime” and demanded accountability for those responsible. Foreign Ministry spokesperson Maria Zakharova described the attack as a “deliberate” assault on children. Russia’s Investigative Committee alleges that four Ukrainian UAVs were used in the operation. Both Moscow and Kyiv maintain that they do not target civilians, a claim that remains contested amid the broader war that began with Russia’s February 2022 invasion. Potential Ramifications for the Conflict The incident arrives amid heightened tensions following President Volodymyr Zelenskyy’s pledge to respond to a recent Russian raid on Kyiv that killed 24 people. Russia’s Defence Ministry reported shooting down 217 Ukrainian drones nationwide overnight, underscoring the intensity of aerial exchanges. Analysts warn that repeated attacks on civilian infrastructure could exacerbate humanitarian crises in occupied territories and strain Russia’s domestic oil and petrol production, potentially influencing the war’s economic sustainability.
#Russia #Ukraine #Luhansk
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World Wide May 22, 2026

Russia's Escalation in Belarus as Ukraine Reports 83,000 Russian Casualties in 2026

Russia escalates military presence in Belarus with nuclear weapons while Ukraine reports over 83,00…
The Lead: Russia's Escalation and Ukraine's Counteroffensive Russia's attempts at escalation via Belarus, where it has delivered more nuclear weapons and held highly publicized joint war games, come as its ground war falters in Ukraine. Ukrainian commander-in-chief Oleksandr Syrskii reports that Ukraine has seized the tactical initiative, with Ukrainian offensive assaults now outnumbering Russian assaults on Ukrainian positions. Russia's Soldier Shortage and Recruitment Crisis Ukraine's forces have gained the upper hand because Russian forces are running out of soldiers to conduct offensive operations. According to Syrskii, "Since the beginning of 2026, the total losses of the enemy have already exceeded 141,500 people, of which more than 83,000 are irreversible." Ukraine's Foreign Intelligence Service believes Russia is unable to replenish these losses of more than 1,000 people a day, and this year is recruiting at a rate of 800-930 a day, suffering a net decrease of battlefield strength. In response, 40 Russian regions have increased sign-up bonuses by between 30 and 100 percent. Putin has also simplified citizenship procedures for Russian speakers in the Transnistrian region of Moldova, which Ukrainian President Volodymyr Zelenskyy described as "Russia looking for new soldiers." Economic Impact: Ukraine's War on Russian Oil Infrastructure Russia's economy is fraying, having run up a $78.4bn deficit in the first four months of 2026 after budgeting for a $50.5bn deficit for the entire year. "Oil dealt the main blow. Revenues from hydrocarbons fell by 38.3 percent," according to Ukraine's Foreign Intelligence Service. Ukraine has scaled up its long-range campaign against Russian refineries and oil export terminals, depriving Moscow of windfall profits from high oil prices. International Energy Agency (IEA) data shows Russia has curtailed production by 460,000 barrels per day (bpd) in April 2026 compared with April 2025. Reuters estimates that Ukrainian drone attacks knocked out about 700,000 bpd of refining capacity between January and May across 16 refineries, accounting for a quarter of Russia's refining capacity. Shift to Asymmetric Warfare: Ukraine's Strategy Evolution "Given our limited resources, to effectively resist a much larger enemy, we are trying to shift from a 'war of attrition' to an asymmetric strategy," Syrskii told the European Union Military Committee. "Our main tasks are to stop the enemy's advance and effectively counterattack, strike at the Russians' rear, including deep within their territory." Ukraine has attacked military-industrial targets in a 100km radius around Moscow, including the Angstrem semiconductor plant, the Solnechnogorsk oil pumping station, and the Moscow Refinery. Ukraine has also targeted refineries in Ryazan, Yaroslavl, Kstovo, and Sizran, as well as military hardware including helicopter gunships, amphibious craft, and anti-aircraft missile systems. Belarus Front: Russia's Nuclear Escalation and Ukraine's Warning Russia has put pressure on Belarus President Alexander Lukashenko to open a new front in the war against Ukraine. Zelenskyy stated that Russia would launch a simultaneous attack from its neighboring region of Bryansk against Chernihiv. "We know that there have been additional contacts between the Russians and Alexander Lukashenko aimed at persuading him to join new Russian aggressive operations," Zelenskyy said. Russia involved Belarus in a joint nuclear exercise with 64,000 personnel, more than 200 missile launchers, 140 aircraft, 73 surface ships and 13 submarines. Russian President Vladimir Putin confirmed that the two countries would launch ballistic and cruise missiles as part of the exercise. Russia has parked its new Oreshnik tactical nuclear missile in Belarus since last year and has threatened to attack European arms manufacturing and military sites with it.
#Russia #Ukraine #Belarus
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Entertainment May 22, 2026

The Mandalorian and Grogu Highlights Star Wars' Big Screen Struggles

The Mandalorian and Grogu film highlights ongoing challenges for the Star Wars franchise on the big…
The Star Wars Big Screen ConundrumWhen Disney acquired Lucasfilm for $4 billion in 2012, it seemed like a guaranteed success. The initial trilogy of films under Disney's leadership—The Force Awakens, Rogue One, and The Last Jedi—all earned over $1 billion worldwide. However, despite this commercial success, the franchise has faced increasing criticism and fan dissatisfaction. The latest film, The Mandalorian and Grogu, currently holds a 61% rating on Rotten Tomatoes, barely scraping into the "fresh" category. This raises questions about whether Star Wars has become an impossible franchise to successfully translate to the big screen in the modern era.The Disney+ Success FormulaDisney+ has proven to be a successful platform for Star Wars content, with shows like The Mandalorian, Andor, The Book of Boba Fett, Obi-Wan Kenobi, and Ahsoka finding dedicated audiences. These series have allowed Disney to explore corners of the Star Wars universe that films couldn't address, filling plot holes and expanding the mythology. The Mandalorian, in particular, introduced Grogu (Baby Yoda), a character specifically designed for maximum appeal. However, this streaming success has created a challenge: when the same characters and format are brought to the big screen, they may feel more like extended episodes rather than cinematic events.Financial Performance vs. Critical ReceptionDespite the critical challenges, Star Wars films have remained financially successful. The Force Awakens earned over $2 billion worldwide, Rogue One surpassed $1 billion, and even The Rise of Skywalker, which was widely disliked by fans, still earned Disney more than $1 billion. This financial success has allowed Disney to continue producing Star Wars content, but the declining critical reception suggests a growing disconnect between audience expectations and what the franchise delivers. The Mandalorian and Grogu, while profitable, appears to be following this pattern of commercial success mixed with middling critical reviews.The Franchise Identity CrisisThe article suggests that Star Wars is suffering from an identity crisis on the big screen. Disney has tried multiple approaches: soft-rebooting the original trilogy with The Force Awakens, challenging the mythology with The Last Jedi, and attempting to please all fans with The Rise of Skywalker. Each approach has faced backlash from different segments of the fanbase. The Mandalorian and Grogu takes a safer route, focusing on beloved characters without major revelations about the Force or character lineages. This approach may satisfy existing fans but fails to deliver the grand cinematic experience that audiences expect from a Star Wars film on the big screen.The Mythic Structure ProblemA key insight from the article is that the original Star Wars trilogy worked because it had a clear beginning, middle, and end. The story felt complete with the Empire's fall and Luke's redemption. However, subsequent continuations have undone these victories, reopening narrative wounds and diminishing the impact of the original story. The article suggests that this endless continuation without true resolution has made the Star Wars myth less meaningful over time. Characters are never allowed to complete their emotional arcs, victories are temporary, and the galaxy exists in a state of perpetual conflict without resolution.The Future of Star Wars CinemaLooking ahead, the article implies that Star Wars may need to reconsider its approach to big-screen storytelling. The success of Disney+ shows demonstrates that there's an appetite for Star Wars content, but perhaps the franchise needs to differentiate between cinematic and television experiences more clearly. Alternatively, the franchise might benefit from taking bigger creative risks or allowing stories to reach definitive conclusions rather than maintaining an endless status quo. As The Mandalorian and Grogu shows, simply delivering what fans already know and love in shinier packaging may no longer be sufficient to satisfy both critics and audiences on the big screen.
#Star Wars #The Mandalorian #Disney
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Art May 22, 2026

Art World Roundup: Churchill's Paintings, Sci-Fi Installations and Valie Export's Legacy

This week's art scene features Winston Churchill's paintings, futuristic installations by Liam Youn…
The Churchill Exhibition: War Leader's Artistic EscapeBritain's eloquent war leader kept himself sane by puffing on cigars, swilling brandy – and painting the world around him. The Wallace Collection in London is hosting "Winston Churchill: The Painter" from 23 May to 29 November, offering a rare glimpse into the artistic side of the historical figure.New Voices in Contemporary ArtThe London art scene is buzzing with new exhibitions featuring contemporary artists:Kira Freije presents hollow metal people at Modern Art Oxford, showing shadows of Berlin Dada in her work. The exhibition runs from 23 May to 16 August.Miriam Elia, known for her witty take on Ladybird books, turns her eye towards Moses in this exhibition for Jewish Cultural Month at JW3, until 30 June.Liam Young offers futuristic but lo-fi worlds you can walk through at the Barbican, until 6 September, with installations finding hope for our planet.Zsuzsi Ujj presents her first UK solo show at Arcadia Missa, from 22 May until 18 July, establishing her presence from Hungary's dissident art and underground music scenes.Remembering Valie ExportThe art world mourns the passing of Austrian feminist artist and film-maker Valie Export, who died this week. Her 1968 performance piece "Tapp und Tastkinema" (Tap and Touch Cinema) is highlighted as typically provocative but playful, giving people the opportunity to interact with and appraise a real female body: her own. Export's fearless approach to challenging beauty standards continues to influence contemporary artists.Notable Art News and DevelopmentsThe week brought several significant stories from the art world:Taiba Akhuetie makes wild creations out of hair – Rihanna and Cate Blanchett are fansWhistler should have used better paint to capture his motherNina Simone's chewing gum is going on show in a new exhibition celebrating the superfanChristo made the invisible visibleGrayson Perry's life story is to be made into a musicalFlorentina Holzinger rocked this year's Venice Biennale with naked jetskiers, human bells and urine diversGen Z can't get enough of the king of colour, Mark RothkoSanya Kantarovsky's paintings of Christian iconography and children will haunt youMasterpiece of the Week: The Judgement of ParisJoachim Wtewael's "The Judgement of Paris" (1615) stands as this week's masterpiece. The painting depicts the moment when Trojan prince Paris foolishly rates the beauty of Minerva, Venus, and Juno, giving the prize to Venus in return for her helping him seduce Helen. This decision sparked the Trojan War, with the Greeks supported by the furious Juno. Wtewael's mannerist style, with its bony, angular forms and deliberate distortions, creates an overabundance that presages doom, reflecting the war-torn Europe of the 1600s. The painting is on display at the National Gallery in London.
#Winston Churchill #Valie Export #Liam Young
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Politics May 22, 2026

Russia's Nuclear Deployment to Belarus: Strategic Posturing or Escalation Risk?

Russia has deployed tactical nuclear weapons to Belarus and conducted large-scale joint military ex…
The Nuclear Buildup in Eastern Europe Earlier this week, Belarusian President Alexander Lukashenko for the first time took part in the "rehearsal" of Russia's use of tactical and strategic nuclear weapons. Between Tuesday and Thursday, he and Russian President Vladimir Putin presided over joint military drills covering the area from Eastern Europe to the Pacific, involving hundreds of Russian missile launchers, warplanes, warships and nuclear submarines. "We threaten absolutely no one," said Lukashenko, who has helmed Belarus since 1994. "But we have such weapons, and we're ready in every possible way to defend our common fatherland from [the western Belarusian city of] Brest to [Russia's Pacific port of] Vladivostok." Russia's Nuclear Drills and Capabilities "It's important to further boost the level of readiness of strategic and tactical nuclear forces," Putin stated during the exercises. Both leaders ordered the launch of the intercontinental, hypersonic Yars missile capable of carrying three independently targetable nuclear missiles, which flew 5,750km (3,573 miles) from the Plesetsk Cosmodrome in northwestern Russia to the Pacific Kamchatka Peninsula in less than 20 minutes. As part of the drills, Moscow supplied Minsk with modified Su-25 fighter jets and Iskander-M ballistic missiles with a range of up to 500km (310 miles). Nuclear weapons are reportedly stored at the Asipovichi military range, less than 200km (124 miles) north of the Ukrainian border. Geopolitical Implications The drills come amid heightened tensions between Russia and NATO. NATO Secretary-General Mark Rutte warned that if Moscow uses nuclear weapons against Ukraine, the alliance's response would be "devastating." The exercises are clearly timed to a summit of NATO foreign ministers in Sweden's Helsingborg, a venue symbolic as Sweden joined the alliance after Russia's full-scale invasion of Ukraine. "The events develop suddenly, seemingly without any external reasons," noted Nikolay Mitrokhin, a researcher with Germany's Bremen University. "Something big is taking place, something that will be significant for international politics in general, and for mass media, including the very supply of nuclear arms." Belarus's Calculus While Belarus enjoys economic preferences and cheap hydrocarbons from Russia, Lukashenko has resisted Putin's attempts to merge Belarus with Russia as part of "union state" deals dating back to the 1990s. In recent months, ties between Belarus and the United States have also warmed, with Lukashenko joining United States President Donald Trump's Board of Peace. "We're not going to get sucked into the war in Ukraine. There's no need for it, neither civil nor military," Lukashenko stated, signaling his readiness to meet with Ukrainian President Zelenskyy. "If [Zelenskyy] wants to discuss something, seek advice, or anything else, he's welcome. I'm ready to meet him anywhere in Ukraine or Belarus." Future Scenarios Ukrainian President Zelenskyy has warned that the drills may be part of Moscow's preparations to launch a new offensive against northern Ukraine and Kyiv after Russian troops failed to capture sizeable areas in eastern and southern Ukraine this year. However, the current concentration of Russian forces in Belarus is "insufficient" for a new offensive, according to the head of the Kyiv-based Penta think tank. "Attacking Ukraine with Belarusian forces alone may end very badly for Lukashenko," said Volodymyr Fesenko. "For him, involving Belarus in the war is too big a risk." Despite this, analysts acknowledge that "unfortunately, there is such a risk" of Belarus becoming more directly involved in the conflict, though most believe Lukashenko will avoid such a development.
#Russia #Belarus #Nuclear Weapons
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Environment May 22, 2026

Big Oil's War Profits May Have a Silver Lining After All

Fossil fuel companies are reaping massive profits from the Iran conflict while ordinary consumers f…
The LeadA friend of mine was recently left in tears after filling up the car she relies on to drive to work. Thanks to the US-Israeli attacks on Iran, prices at the pumps have soared. She wasn't sure how her family was going to make it to the next paycheck.It is a personal story and a distressing one, but the big picture is truly obscene. Fossil fuel companies are raking in monstrous, unearned war profits taken from the pockets of people like you, me, my friend, and any of us who fills up a vehicle or pays an energy bill.The War-Profits Bonanza$30m an hour: that's the pure, unearned profits banked by the world's top 100 oil and gas companies in the first month of the conflict in Iran, purely due to the spike in the oil price. Now the first numbers are in, and that $30m may have been a major underestimate.Shell's profit for the first three months of 2026 more than doubled to $6.9bn, as did BP's, to $3.2bn. TotalEnergies profits also surged by more than 50%, up to $5.8bn. Even in the Gulf itself, where the flow of oil through the strait of Hormuz has been heavily restricted, some companies have still flourished. Aramco, the state oil company of Saudi Arabia, saw its profits soar by 26% to $33.6bn in the first quarter.The Financial Impact on ConsumersThose four companies alone, benefiting not just from the oil price hike but also bumper oil-trading profits, made $23m an hour for the whole of January, February and March. And the Iran conflict only started on 28 February.To get some idea of the scale of this, imagine I gave you $6,200. What would you do? Pay off a loan? Book a fancy holiday? A second later, I give you another $6,200; then again, for hours, weeks and months. That is the rate of profit of just those four companies.There is plenty more to come for the industry. Oil and gas supplies will take months to return to prewar levels, and reserves are getting dangerously low. Even if the oil price remains at today's level of about $100 a barrel, those 100 companies will make $234bn by the end of the year. Remember, the companies, and petrostates such as Russia, have done no extra work for this, just ridden a soaring oil price. Also remember, you are paying for this. Where I live in the UK, household energy bills are about to jump by £209 ($280) a year for the average home.The Industry's Climate ObstructionThe profits are extreme, but not new: big oil and gas has been wildly profitable for decades. It has made an average $1tn a year in pure profit for about 50 years. The fossil fuel sector also benefits from explicit subsidies that totalled $1.3tn in 2022, according to the International Monetary Fund.These riches have funded the lobbying and campaigns that block climate action and have done so for years, long after the science became crystal clear. As an example of the consequences, the UK's official climate advisers said on Tuesday that all care homes and hospitals will need air conditioning within the coming 10 years, to stop the heat killing people.The Green Transition AccelerationBut here's that silver lining I promised: these peak profits contain the seeds of their own downfall. Sky-high fossil fuel prices are pushing people, companies and nations to supercharge their rush towards green power for the simple reason that it is now cheaper and more reliable. Solar power does not need to transit through the strait of Hormuz, as Bill McKibben has observed.The numbers on the surge in renewable energy deployment, already exponential, are not yet in, but they will almost certainly be huge. Green funds are already attracting billions of dollars in new investments and one consultancy estimates that an oil price of $100 a barrel will drive $4tn of extra green investment by 2030.Big oil remains a formidable political force but, on the ground, people are already voting with their feet. Sales of new electric cars in the UK leapt by 59% in April, for example. The pain and anger of today's energy crisis may yet become a critical turning point in confronting the climate crisis.
#Big Oil #Iran Conflict #Renewable Energy
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