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ExxonMobil and Chevron rake in profits as gas prices top $4 a gallon
Fox Business • • business
Key Points:
- U.S. oil giants ExxonMobil and Chevron reported record-high profits in the third quarter, driven by surging oil prices amid global supply constraints caused by conflicts in the Middle East and Eastern Europe.
- ExxonMobil earned more revenue from refining operations than exploration and drilling for the first time in six years, while Chevron's downstream earnings hit their highest levels in the same period.
- American consumers have faced significantly higher gasoline prices, with the national average reaching $4.20 per gallon recently, up from $3.03 a year ago, largely due to disruptions in oil supply.
- Diesel prices also surged to record highs, impacting the trucking industry and raising costs for transporting goods, which may lead to higher prices for consumers.
- The Labor Department's September consumer price index showed gas prices increased 9.1% monthly and 34.2% annually, reflecting ongoing volatility tied to geopolitical tensions and energy supply concerns.
