Exxon and Chevron Are Making Absolute Bank While You Pay More at the Pump
Oil profits are hitting the stratosphere, and naturally, your wallet is the one footing the bill.
While the world watches the conflict in Iran, ExxonMobil and Chevron are quietly printing money. We are talking about a combined $26.5 billion in profit for just one quarter. Chevron alone managed to quintuple its earnings compared to last year, which is a neat trick if you can pull it off.
Meanwhile, at the gas station, the price is creeping toward $4.10 a gallon. Chevron CEO Mike Wirth calls this “firing on all cylinders,” which is certainly one way to describe cashing in while the global supply chain has a meltdown. Exxon isn't doing too shabby either, doubling their haul to $14.5 billion.
Naturally, politicians are making the usual noises. Donald Trump is threatening investigations into price gouging, and senators like Sheldon Whitehouse and Elizabeth Warren are asking some very pointed questions about war profiteering. It seems the only thing in higher supply than oil right now is political grandstanding.
Nothing says economic recovery like record profits for the guys selling the stuff that makes everything expensive. Shell is also raking it in, proving that when the world burns, the oil majors bring the marshmallows.
Source: CNBC
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