Big oil companies are seeing massive profits as the conflict in Iran disrupts energy markets and sends oil and gasoline prices sharply higher. Six of Europe’s largest oil companies posted combined first-quarter profits of $22 billion, more than 40% higher than last year.
Profits Surge for US Oil Companies
Exxon Mobil, based in Spring, Texas, reported that its second-quarter profits doubled to $14.5 billion, boosted by record diesel production. Chevron, based in Houston, nearly quadrupled its profits to $12 billion and revenue jumped 56% to more than $70 billion.
The surge in oil prices has driven up the cost of gasoline, jet fuel, and diesel, leading to higher shipping costs. In the West, filling up the car or buying a plane ticket is costing consumers more. The situation is more dire in parts of Asia, which depend heavily on fuel exported through the Strait of Hormuz.
Despite oil prices falling to their lowest level in three weeks, big US energy companies drew criticism from President Donald Trump, who said they made too much money and should give some of it back to the public.
Original reporting: KTBS 3 (Shreveport) — read the source article.
