Oil and gas companies are looking at a bonanza from the Ukraine war

Analysis: fear of shortages gives fossil fuel companies leverage with governments that could be disastrous for the climate

Oil and gas companies are facing a potential bonanza from the Ukraine war, though few in the industry want to admit it, and many are using soaring prices and the fear of fuel shortages to cement their position with governments in ways that could have disastrous impacts on the climate crisis.

There is a huge opportunity for oil and gas companies, though I'm sure it is not one they would have chosen," said Robert Buckley, head of relationship development at Cornwall Insight, an energy analysis company. They have the opportunity to reposition themselves [as crucial to policymakers]. There is going to be a very high price for oil for a very long time, and even the prospect of physical shortages."