Energy firms ExxonMobil, Chevron and Shell all saw profits jump last quarter, when strong oil demand drove gas prices to the highest on record.
Energy costs began climbing last year when demand grew as global economies clawed back from slowdowns brought on by COVID-19. But oil and natural gas prices surged even further following bans on imports of Russian energy following the country's invasion of Ukraine.warned the American people that Western sanctions against Russia would mean more pain at the pump, but high fuel costs have now driven inflation to a 40-year high and tanked the president's poll numbers.
President Joe Biden urged major G20 energy producing countries with spare capacity to boost production to ensure a stronger global economic recovery as part of a broad effort to pressure OPEC and its partners to increase oil supply. Biden blames U.S. oil producers for the rising energy costs during his administration, accusing them of price gouging and saying last month that "Exxon made more money than God this year."
The oil industry argues the Biden administration's policies hinder domestic fossil fuel production, and his push for transitioning to a renewable energy economy discourages investment in further refining capacity.
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