What more could oilmen ask for? In the Oval Office, they have a president who champions petroleum. Governments around the world are wavering in their commitment to phasing out dirty fuels.

At the same time, demand for energy is rising thanks to a frenzy of investment in the power-hungry data centres. More good news came last week with the announcement of fresh American sanctions on Russian energy companies, which lifted global oil prices.

Yet times are surprisingly tough for the industry. Since the start of last year the S&P 500 index of large American companies has produced a total return, including dividends, of 46 per cent.

By contrast, American pedlars of oil and gas, including giants such as Chevron and Exxon, have returned just 14 per cent. Their European counterparts, including B

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