LONDON: The oil and gas industry has delivered USD 2.8 billion a day in pure profit for the last fifty years, a new analysis has revealed, as per a report.

According to Professor Aviel Verbruggen, the analysis's author, the massive amount amassed by fossil fuel states and corporations since 1970 is USD52 trillion, giving them the power to "purchase every politician, every system" and postpone taking action to address the climate catastrophe. By artificially limiting supply, cartels of nations exaggerated the enormous profits.

The analysis, which is based on World Bank statistics, evaluates the "rent" obtained by worldwide oil and gas sales, which is the word used in economics for the unearned profit generated after the whole cost of production has been subtracted.

The work has not yet been published in a scholarly journal, but three experts from the University College London, the London School of Economics, and the think tank Carbon Tracker have validated the accuracy of the analysis, with one describing the sum as "staggering." It seems to be the first comprehensive analysis of the industry's overall profitability, with oil rents accounting for 86% of the total.  

Verbruggen, an energy and environmental economist at the University of Antwerp in Belgium and a former lead author of a report by the intergovernmental panel on climate change, said of the high statistics, "I was genuinely shocked by such high numbers they are massive."
"It's a sizable sum of money. With this much money, you could buy any politician and any system, and I believe this is what happened. It defends [producers] against political meddling that could restrict their activities, "he said.

Verbruggen said, the rents obtained from the exploitation of natural resources are undeserved "It's genuine, pure profit. With no effort, they managed to seize 1% of the world's riches "for it." The average yearly profit from 1970 to 2020 was USD1 trillion, but he predicted that in 2022 it will double.

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