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You are here News Energy Oil company profits boom as Americans reel from high fuel prices

Oil company profits boom as Americans reel from high fuel prices

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Oil and gas companies profit as public sufffers

The US’s biggest oil companies pumped out record profits over the last few months as Americans struggled to pay for gasoline, food and other basic necessities.

On Friday, ExxonMobil reported an unprecedented $17.85bn (£14.77bn) profit for the second quarter, nearly four times as much as the same period a year ago, and Chevron made a record $11.62bn (£9.61bn). The sky-high profits were announced one day after the UK’s Shell shattered its own profit record.

Soaring energy prices have rattled consumers and become a political flashpoint. “We’re going to make sure everybody knows Exxon’s profits,” Joe Biden said in June. “Exxon made more money than God this year.”

The record profits came after similarly outsized gains in the first quarter when the largest oil companies made close to $100bn in profits.

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