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Oil giants post billions in profits as Americans feel pain at the pump

Oil giants post billions in profits as Americans feel pain at the pump

U.S. oil giants raked in billions of dollars in profits in the third quarter as oil prices surged amid supply constraints caused by conflicts around the world, contributing to higher prices at the pump for consumers.ExxonMobil, the largest U.S. oil producer by market capitalization, reported having more revenue from refining operations than from its exploration and drilling operations for the first time in at least six years.Chevron's third-quarter downstream earnings also reached their highest point over the same timeframe.The surge in revenue for the oil giants comes as Americans are facing...

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Wayne G Fraser
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Insurance Broker Insurance Industry
State Georgia, North Carolina, South Carolina
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