US Oil Giants Reap Profits as Petrol Prices Soar
US oil and gas giants Chevron and ExxonMobil have reported record-breaking profits, despite soaring petrol prices affecting households across the country.
Chevron's CEO Mike Wirth faced criticism from President Donald Trump, who lashed out at the company for not crediting his administration's efforts to help the oil industry. Trump tweeted that Chevron was 'too much money' and ExxonMobil also made too much profit.
Chevron reported its highest quarterly profits in six years, with adjusted earnings per share coming to $6.06, or $12bn. The company benefited from higher global oil prices due to tensions between the US and Iran, which strained global supply chains.
The average price for a gallon of petrol is now $4.09 across the US, up from $2.98 when the US and Israel first struck Iran in February. Lower-income earners are particularly affected, with over 10 percent of households spending more than 10 percent of their monthly income on petrol.