Energy firms ExxonMobil, Chevron and Shell all saw profits jump last quarter, when strong oil demand drove gas prices to the highest on record.
Energy costs began climbing last year when demand grew as global economies clawed back from slowdowns brought on by COVID-19. But oil and natural gas prices surged even further following bans on imports of Russian energy following the country's invasion of Ukraine.warned the American people that Western sanctions against Russia would mean more pain at the pump, but high fuel costs have now driven inflation to a 40-year high and tanked the president's poll numbers.
President Joe Biden urged major G20 energy producing countries with spare capacity to boost production to ensure a stronger global economic recovery as part of a broad effort to pressure OPEC and its partners to increase oil supply. Biden blames U.S. oil producers for the rising energy costs during his administration, accusing them of price gouging and saying last month that "Exxon made more money than God this year."
The oil industry argues the Biden administration's policies hinder domestic fossil fuel production, and his push for transitioning to a renewable energy economy discourages investment in further refining capacity.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil companies Exxon, Chevron, Shell rake in unprecedented profits | AutoblogOil 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.
Read more »
Exxon, Chevron & Shell Report Record Profits as Americans Struggle With High Fuel CostsOil 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.
Read more »
Orion Nebula's shell is leaking gas and dust from a newly discovered tearAstronomers are using the leak to learn more about the shell.
Read more »
Oil companies Exxon, Chevron, Shell rake in unprecedented profits | AutoblogOil 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.
Read more »
Exxon, Chevron & Shell Report Record Profits as Americans Struggle With High Fuel CostsOil 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.
Read more »
U.S. oil giants Exxon, Chevron post blowout earnings, ramp up buybacksThe two largest U.S. oil companies, Exxon Mobil and Chevron Corp, posted record revenue on Friday, bolstered by surging crude oil and natural gas prices and following similar results for European giants a day earlier. All four have ramped up share buybacks in recent months, capitalizing on high margins derived from selling oil and gas. Exxon outpaced its rivals with second-quarter net income of $17.9 billion, several billion dollars ahead of its previous record reached in 2012, which was aided by asset sales in Japan.
Read more »