Big Oil Banks Record Profits as Wartime Crude Prices Soar

Oil companies are reporting record profits due to wartime crude prices, with Chevron announcing its highest quarterly earnings ever and Shell clocking in its second-highest quarterly profits. ExxonMobil's profits came in below expectations but still doubled compared to last year.

The three companies combined raked in an average of $404 million per day over the last three months. The war with Iran has disrupted global crude oil exports, causing prices to skyrocket and refining margins to rise significantly.

European lawmakers and Democrats in the U.S. Congress are calling for windfall taxes on these companies, citing their 'excess' profits as a result of outside forces rather than innovation or outperformance.

ExxonMobil CEO Darren Woods argued that windfall taxes are a 'misguided policy' that penalizes businesses trying to succeed despite the oil industry's volatile nature. He added that his company has canceled investments in Europe due to the tax and is suing over it.