Post by ck4829 on Aug 1, 2022 8:24:51 GMT
Exxon, Chevron & Shell Report Record Profits as Americans Struggle With High Fuel Costs
Oil companies swam in record profits over the last few months at a time when Americans struggled to pay for gasoline, food and other basic necessities.
On Friday, Exxon Mobil booked an unprecedented $17.85 billion profit for the second quarter and Chevron made a record $11.62 billion. The sky-high profits come one day after the U.K.'s Shell shattered its own profit record, earning $11.5 billion.
Soaring energy prices have rattled consumers and become a political flash point. Last month, President Joe Biden said that “Exxon made more money than God this year." Biden has been calling out oil companies to increase output, accusing them of purposely holding back production to drive up prices at the pump.
Consumers are facing high fuel prices not just at the pump, but soaring energy prices are being baked into delivery costs, which is driving up the cost of everything from apples to toilet paper.
www.nbcboston.com/news/business/exxon-chevron-shell-report-record-profits-as-americans-struggle-with-high-fuel-costs/2793425/
On Friday, Exxon Mobil booked an unprecedented $17.85 billion profit for the second quarter and Chevron made a record $11.62 billion. The sky-high profits come one day after the U.K.'s Shell shattered its own profit record, earning $11.5 billion.
Soaring energy prices have rattled consumers and become a political flash point. Last month, President Joe Biden said that “Exxon made more money than God this year." Biden has been calling out oil companies to increase output, accusing them of purposely holding back production to drive up prices at the pump.
Consumers are facing high fuel prices not just at the pump, but soaring energy prices are being baked into delivery costs, which is driving up the cost of everything from apples to toilet paper.
www.nbcboston.com/news/business/exxon-chevron-shell-report-record-profits-as-americans-struggle-with-high-fuel-costs/2793425/