Oil Industry Booms Amid War-Driven Profits

The oil industry is enjoying record profits thanks to wartime crude prices and refining margins. Chevron reported its highest quarterly earnings ever, while Shell clocked its second-highest quarterly profits. ExxonMobil's profits came in beneath expectations but still doubled from last year.

The three companies together earned an average of $404 million per day over the past three months. This has raised eyebrows among some European lawmakers and Democrats in Congress, who are calling for windfall taxes on oil companies to redistribute excess profits to consumers.

The conflict in the Middle East has disrupted crude exports through the Strait of Hormuz, leading to higher prices for fuel and refined products. ExxonMobil CEO Darren Woods called windfall taxes a 'misguided policy' that penalizes successful businesses.