LOS ANGELES (AP) - The state of California filed a lawsuit against some of the world's largest oil and gas companies, claiming they deceived the public about the risks of fossil fuels now faulted for climate change-related storms and wildfires that caused billions of dollars in damage, officials said Saturday.

The Problem With Oil: Global Warming Burning oil releases carbon dioxide into the atmosphere, contributing to the warming of our planet.

The world's biggest fossil fuel companies recently released their 2022 earnings reports, revealing record-breaking profits last year; just five companies–ExxonMobil, Shell, BP, Chevron, and TotalEnergies–reported a total of nearly $200 billion in profits.

Greenhouse 100 Polluters Index (2022 Report, Based on 2020 Data)

Our latest work shows that while their tactics have evolved from outright, blatant climate denial to more subtle forms of lobbying and propaganda, their end goal remains the same. And that's to stop action on climate change.

A long-term risk for oil and gas companies is a dwindling natural supply. Short-term risks include political stances and supply-and-demand.

Scope 1+3 emissions, cumulative of the years 1988 - 2015, from oil and gas extraction

Tesla. Tesla (TSLA) says its mission is to “accelerate the world's transition to sustainable energy.” The electric-car maker has a code of conduct for suppliers, which includes a pledge to work to avoid harm to the environment, responsible management of all waste and efficient use of water and energy resources.

Shell Report Says Shell Is World's Most Ethical Oil Company.

The biggest reason oil production isn't increasing is that U.S. energy companies and Wall Street investors are not sure that prices will stay high long enough for them to make a profit from drilling lots of new wells.

The reason that U.S. oil companies haven't increased production is simple: They decided to use their billions in profits to pay dividends to their CEOs and wealthy shareholders and simply haven't chosen to invest in new oil production.

As to why they weren't drilling more, oil executives blamed Wall Street. Nearly 60% cited "investor pressure to maintain capital discipline" as the primary reason oil companies weren't drilling more despite skyrocketing prices, according to the Dallas Fed survey.