$13.3B in 3-Month Profit Shows Oil Sands Companies ‘Raking It In’ on Middle East War

$13.3B in 3-Month Profit Shows Oil Sands Companies ‘Raking It In’ on Middle East WarCanada’s biggest oil companies are cashing in on Donald Trump’s war on Iran, with the four biggest oil sands producers reporting a staggering $13.3 billion in profits in the three months ending June 30. “Whenever the dogs of war are unleashed, the oil industry rakes it in—at least until peace is restored,” Stanford writes, since oil is a “uniquely concentrated commodity”. Those realities have driven world oil prices up 50% since the U.S. and Israel launched their war on Iran in late February, he says. Canadians are paying the price because “we’ve tied our own oil prices to the same global roller coaster. So far, there’s little sign that oil or pipeline companies or their investors are clamouring to get new projects up and running.