$26.5 Billion Windfall for Exxon and Chevron Amid Wartime Energy Shocks
US oil giants Exxon Mobil and Chevron have reported record profits of $26.5 billion in net income for the second quarter, fueled by wartime energy shocks that have driven up crude prices and constrained refined fuel supplies.
The companies' earnings come as US President Donald Trump has demanded lower gasoline prices, citing a $2.25 target that he claims oil companies should be able to meet.
However, industry experts point out that the simple connection between crude prices and pump prices is not straightforward, as refineries turn crude into gasoline and diesel, and disruptions in refining capacity can lead to higher prices despite falling crude costs.
The Iran war has had a ripple effect on global energy markets, with crude supply, refining capacity, global competition for fuel, and inventories all playing a role in the current high prices.