Oil Majors Reap Big Profits as Gas Prices Soar

Oil companies Chevron and ExxonMobil are reporting substantial profits as gas prices continue to rise. According to recent reports, the two companies collectively made over $26 billion in second-quarter profits this year.

Chevron's profits more than quintupled compared to the same period last year, while ExxonMobil's profits doubled. The American Automobile Association (AAA) reported that the national average per gallon of regular gas is now $1 higher than it was at the same time last year.

The Strait of Hormuz, a vital waterway for oil and natural gas transportation, has been affected by the ongoing war in Iran. Although the US does not heavily rely on oil from this region, a drop in supply anywhere can lead to price increases everywhere.