Saudi Aramco Posts Record Quarterly Profit on Surging Oil Prices
Wall Street JournalMAY 2022
As countries across the world suffer from inflation and high gas prices, oil companies, such as Saudi Aramco, are making an outrageous windfall. Russia's war in Ukraine was a blessing in disguise for Saudi Arabia, which has failed to diversify its economy and continues to rely on profits from the oil and gas sector worldwide for its income.
Though some said that the world would no longer rely on oil and gas, the last six months have proven otherwise. The world isn't ready for a complete transition to renewable energy yet. Oil-producing nations must continue to address the world's crucial thirst for energy and be fairly compensated for their efforts.