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Oil Giants Profit as Refined Fuel Tightens | US News
ExxonMobil and Chevron just smashed profit records, raking in $26.5 billion combined last quarter—driven by record oil production and skyrocketing gas and diesel prices. Chevron hit a staggering fivefold earnings jump from last year, while Exxon doubled its profits. With global supply disrupted by Middle East conflicts and refinery attacks in Ukraine, and China cutting refined product exports, the real squeeze is on gasoline and diesel due to shrinking refining capacity. Companies like Valero and PBF Energy are cashing in big time with open refineries. Politicians are already jumping…
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