� ENERGY CRISIS RAISES EXXON MOBIL AND CHEVRONS PROFITS TO US $ 31BN Exxon Mobil and Chevron ’ s profits rose to a combined value of more than US $ 30bn despite the current energy crisis . Exxon ’ s profit was the highest in 152-year history whilst Chevron announced its

second-best quarterly result both amid world energy shortages .

� BP QUARTERLY PROFITS SURGE DESPITE ENERGY PRICE HIKE Another company to benefit is BP , which announced in November that its third quarter profit more than doubled on high commodity prices . This happened after Russia ’ s invasion of Ukraine with replacement cost profit reportedly soaring to US $ 8.2bn , according to Business Recorder .

� FORCED DEINDUSTRIALISATION POSSIBLE AMID ENERGY CRISIS Deindustrialisation may become an occurrence in Europe as a result of the energy crisis . Sources say that European industries are shutting down as a result of the situation . They also say that even when the crisis , passes , certain industries may not return .

� HIGH ENERGY PRICES MEAN JOB LOSSES , EXPERTS WARN Experts have warned the high energy prices and inflation will result in a vast amount of company redundancies . This comes after 13 Czech companies announced layoffs in the past three months . Worker numbers are decreasing in the agency and manufacturing sectors , with more expected in the future .

energydigital . com 13