Chevron and ExxonMobil Cash In on Soaring Gas Prices

US drivers are facing higher gas prices, but oil companies like Chevron and ExxonMobil are reaping substantial profits. Chevron's second-quarter earnings more than doubled to $15 billion, while ExxonMobil's profits rose to $11.6 billion. The two companies' collective profit of over $26 billion is a significant increase from last year. This surge in profits comes despite rising gas prices, which have increased by $1 per gallon for regular fuel and $1.61 for diesel fuel compared to the same period last year.

The Strait of Hormuz, a critical waterway for oil transport, has been affected by the ongoing conflict in Iran. Although the US does not rely heavily on oil from this region, any drop in global supply leads to higher prices everywhere. The increased prices have allowed oil producers to sell their products at higher rates.

According to data from 2010, drivers have seen a significant increase in gas prices over the last 16 years. Regular fuel has risen by almost $1.50 per gallon, while diesel fuel has increased by more than $2.50 per gallon.