Oil companies rake in record profits as consumers struggle with high gas prices

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Exxon Mobil broke records with its profits in the third quarter, raking in $19.66 billion in net income.

in recent months, paying more than $4.80 on average for a gallon of regular at the beginning of July. And high energy prices also hit manufacturers and retailers, who pass on those costs to customers in the form of high prices for food, clothing and other goods.

Gas prices are displayed in front of a Valero gas station on October 25, 2022 in San Rafael, California. Valero Energy Corporation reported third quarter earnings with net income of $2.8 billion compared to $463 million one year ago. (Photo by Justin Gasoline eased somewhat towards the end of the quarter, but customers were still paying more than $3.79 a gallon of regular, on average, in late September."Our strong third-quarter results reflect the hard work of our people to invest in and build businesses critical to meeting the demand we see today," said Exxon CEO Darren Woods, in a statement.

Exxon produced of 3.7 million barrels of oil or oil-equivalent per day, and had record production in the Permian Basin, the most productive oil field in the U.S.

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귀하의 의견에 감사드립니다. 귀하의 의견은 검토 후 게시됩니다.

I didn’t hear any complaints when the oil price went to ZERO?

Before someone takes that half-a-story wrong. You do realize what oil companies have NOT been allowed to spend money on in 18 months. They can't buy oil leases, they can't drill for new sources of oil, they can't spend money on refineries, all things profits were spent on before.

time to remove their subsidies and implement price ceilings

Well when you have a weak president this will happen. Worst administration in history

Glad to see that a humble company is finally making a profit… 🙄

Oh good - someone is benefiting from these exorbitant prices (despite oil prices not being that high). 🙄

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