Turns out, Exxon really did ‘make more money than God’
Oil companies swam in record profits over the last few months at a time when Americans struggled to pay for gasoline, food and other basic necessities.
On Friday, Exxon Mobil booked an unprecedented $17.85 billion profit for the second quarter and Chevron made a record $11.62 billion. The sky-high profits come one day after the U.K.’s Shell shattered its own profit record.
Soaring energy prices have rattled consumers and become a political flash point. Last month, President Joe Biden said that “Exxon made more money than God this year. ”
Consumers are facing high fuel prices not just at the pump, but soaring energy prices are being baked into delivery costs, which is driving up the cost of everything from apples to toilet paper.
The record profits marked a stunning turnaround from the early days of the COVID-19 pandemic, when cities were locked down and demand for fuels plummeted. There were numerous bankruptcies and thousands of layoffs.
The industry has long gone through boom-and-bust cycles. But due to the ongoing war Russia waged on Ukraine, which resulted in less oil and gas on the market from Russia, as well as other global supply constraints, high prices could linger for some time.
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