#Energy companies such as #Exxon & #Chevron do not set the price of #US #oil, which ricocheted from $68 to $115 a barrel during the quarter. It’s driven by supply & demand, & what traders, refiners & other buyers are willing to pay.

Nevertheless, #Democrats in #Congress introduced bills in March to tax major oil producers for profits they show from 2026 onward & have the tax proceeds redistributed to #consumers.

#BigOil #WarProfiteering #FossilFuels #TrumpsWar #IranWar #economy #affordability

“When you compare that to the hundreds of millions of people who are struggling with rolling #blackouts, with #electricity curbs, #rationing, waiting in line for #food queues, or the disruption to #fertilizers & the potential impact that that has on food #prices, we don’t think that it’s a justifiable price for the rest of the world to be paying,” Galey added.
#BigOil #WarProfiteering #FossilFuels #ClimateChange #TrumpsWar #IranWar #US #Iran #Trump #economy #inflation #affordability #oil #energy

Six of #Europe’s largest #oil companies posted combined first-quarter profits of $22 billion, more than 40% higher than last year.

“There are constituencies around the world who are having a very good crisis, & the oil producers are one of them,” said Patrick Galey, #FossilFuels lead at Global Witness, a nonprofit organization that investigates environmental issues.

#BigOil #WarProfiteering #ClimateChange #TrumpsWar #IranWar #US #Iran #Trump #economy #inflation #CostOfLiving #EnergyCrisis

#ExxonMobil on Friday reported that its second quarter profits doubled to $14.53 billion, boosted by record #diesel production. The #oil giant, based in Spring, Texas, brought in $116.02 billion in revenue, up 42%.

#Chevron, based in Houston, nearly quadrupled its profits to $12.07 billion & revenue jumped 56% to $70.06 billion.

#BigOil #WarProfiteering #FossilFuels #ClimateChange #TrumpsWar #IranWar #US #Iran #Trump #economy #inflation #affordability #CostOfLiving #oil #energy #EnergyCrisis

The money that #oil companies accrued between the beginning of April & the end of June could receive extra scrutiny this year. #Gasoline, #diesel & #JetFuel prices climbed sharply during that period, increasing costs for drivers & airline passengers. Supplies ran low in some countries, leading to sporadic #fuel #rationing in Australia & government office closures in Nepal & Sri Lanka.

#BigOil #WarProfiteering #ClimateChange #TrumpsWar #IranWar #US #Iran #Trump #economy #affordability #energy

Major #oil companies reap massive #profits as #US & #Iran #war drives #energy prices higher

US oil & #gas giants raked in massive spring profits while fighting between Iran & the US impeded #petroleum shipments & consumers around the world paid more for fuel & confronted shortages.

#BigOil #WarProfiteering #FossilFuels #ClimateChange #ClimateCrisis #TrumpsWar #IranWar #Trump #law #Congress #WarPowers #economy #inflation #affordability #CostOfLiving #EnergyCrisis
https://apnews.com/article/oil-companies-profits-exxon-chevron-9375fbf8f6f40426f7428e07d54000c7