Refinery workers’ strike causes fuel shortages at over one-quarter of French gas stations; consumer panic-buying exacerbates the crisis—what impacts will this have on local production and daily life?

This fuel shortage stems from workers’ strike demanding higher wages, and has already lasted three weeks. During these three weeks, domestic media in China barely reported on it—indicating that most Chinese media outlets recognize reporting such events domestically brings no benefit. The questioner seems somewhat out of touch with reality. The strike is nearing its end: only the most hardline union continues to resist, while several other unions have already signed substantial wage-increase agreements with employers. To alleviate the fuel shortage, the French government invoked its power of requisition, forcibly ordering civil-servant employees to end their strike and resume work—specifically, to draw fuel from depots. Having lived in France for over a decade, I’ve never before heard of the government wielding such authority. Due to long queues—stretching up to two hours—at many gas stations, fights have broken out among customers, prompting police deployment to maintain order. Many sectors have been disrupted by the strike: logistics have slowed dramatically, and numerous employees are unable to commute to their offices. Incidentally, midway through the strike, reports surfaced revealing that the average monthly salary of Total refinery workers stands at €5,000—far exceeding France’s median income—causing nationwide astonishment.

Oil and gas companies reap huge profits; shareholders celebrate generous dividends.

At its Q2 earnings call, Occidental Petroleum CEO Vicki Hollub told investors the company plans to “repurchase a significant amount of stock over the next few years—or at least we hope to. We believe it’s unnecessary to increase production beyond this point, as we feel the highest-value use of capital is investing in our own shares.” Occidental Petroleum has repaid most of the debt incurred from its 2019 acquisition of rival Anadarko Petroleum. In Q2 2022 alone, the company repaid $4.8 billion in debt and launched a $3 billion share buyback program. As of August 1, Occidental announced it had spent $1.1 billion on share repurchases. The Houston-based energy firm reported adjusted earnings of $3.2 billion, or $3.16 per share. The U.S. Federal Energy Regulatory Commission approved Warren Buffett’s Berkshire Hathaway application to increase its stake in Occidental to at least 50%, underscoring strong investor confidence in Occidental’s strategy—namely, continuing oil production while simultaneously developing technologies to reduce carbon emissions from fossil fuels. Shell Driven by surging crude oil, natural gas, and petroleum product prices, Shell’s Q2 2022 profit exceeded its record-setting prior quarter. One month earlier, Europe’s largest oil company announced an extension of its share buyback program. After completing $8.5 billion in buybacks during H1 2022, Shell announced a new $6 billion buyback program for Q3 2022. While high oil prices typically squeeze refining margins, tight refined-fuel supply has nearly tripled Shell’s refining margin—to $28 per barrel. Shell expects to exceed its general guidance for shareholder returns, potentially reaching up to 30% of operating cash flow. However, Shell has not raised its dividend beyond the current $0.25 per share—a modest 4% annual increase since cutting it by 60% during the pandemic. TotalEnergies Soaring European natural gas demand and gasoline prices propelled TotalEnergies’ profits to record highs. Following $3 billion in share buybacks during Q1 2022, TotalEnergies announced an additional $2 billion buyback for Q3. Nevertheless, analysts consider TotalEnergies’ buyback program comparatively conservative—thus limiting upward pressure on its stock price. The article concludes that TotalEnergies reported Q2 2022 net income soaring 2.6-fold year-on-year—from $2.21 billion to $5.69 billion—with revenue up 59% to $74.77 billion. Its oil production reached 2.74 million barrels per day in Q2 2022, and the company expects full-year 2022 output to remain flat versus 2021. U.S. shale producers to earn $200 billion in 2022 Traditionally perceived as a sector that produces but fails to profit—since substantial revenues go toward drilling new wells, leaving many projects heavily indebted—the U.S. shale oil and gas industry has undergone a dramatic transformation in 2022, thanks to relentlessly rising oil and gas prices.

TotalEnergies Lifts Payout as Rising Oil Prices Boost Profit

Sep 27, 2026

TotalEnergies pledged to increase dividends by over 5% annually through 2030 and expanded share buybacks, benefiting from rising oil prices. The company expects cash flow growth and plans $14-$17 billion in net investments between 2027 and 2032.

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