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Amid record prices, oil companies have record profits
Gary Sanders
Aug. 8, 2022 6:00 am
Like most people, I've been worrying about the price of gasoline. Even my economical little 2016 Ford Focus eats up about $41 when I fill the tank. I know that there are a lot of causes for high gasoline prices, but I have been wondering how the oil companies have been doing. I got my answer to that question on the front page of the July 30 Wall Street Journal: "Soaring Fuel Prices Catapult Oil Giants to Record Profits."
As reported in the Wall Street Journal, here are the oil giants profits for just the second quarter of 2022:
Exxon, the largest U.S. oil company, reported profits of $17.9 billion, its highest ever!
Shell reported its second consecutive record profit--$16.7 billion!
Chevron also posted a record profit--$11.6 billion!
You might want to chew on those numbers the next time you fill your gas tank.
Gary Sanders
Iowa City
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