In 2022, net income of publicly listed oil and gas companies reached $916bn globally – a figure more than three times that of the preceding years (even excluding 2020). The US was the single largest beneficiary: US-headquartered companies captured $281bn. This exceeded American investments in the entire low-carbon economy that year ($267bn). While European figures pale in the face of the US, European oil and gas companies also raked in tens of billions of dollars more in profits than in recent years.