US Oil Production Surges, but Gas Prices Soar on 'Windfall Profits'

The recent surge in gas prices has led to widespread frustration among consumers, but it's not just President Trump or conflicts in the Middle East that are to blame. According to data from the first half of this year, the United States is on track for record crude oil production, averaging 13.7 million barrels per day, a 2% increase over the same period last year.

The majority of this expansion is concentrated in Texas, New Mexico, and the Gulf Coast, with Venezuela also sending over 500,000 barrels per day to Gulf Coast refineries. However, despite this increased production, gas prices continue to rise due to a more sinister reason - oil companies gouging consumers through 'Windfall Profits'.

The large oil companies such as Exxon Mobil and Chevron have announced eye-popping profits in the spring quarter, with Exxon Mobil pulling in $14.5 billion and Chevron landing $12 billion, its highest quarterly profit on record. However, these profits are not being reinvested into drilling new wells or exploring untapped oil fields, but rather are being used to line the pockets of executives.