May 2, 2022

Exxon Mobil and Chevron recorded massive profits for the second quarter, as oil and natural gas prices continue to rise after Russia's invasion of Ukraine.

New York Times is reporting:

Exxon reported doubling quarterly earnings from a year earlier, even after a write-down of $3.4 billion from abandoning its operations in Russia.

Largely because of soaring oil prices, which rose in the quarter to well over $100 a barrel from $76, the company made $5.5 billion in the first three months of the year — an increase of more than $6 billion from the same quarter in 2021. The company made an $8.9 billion profit in the last three months of 2021.

The Biden administration has pleaded for more production to ease the burden on Americans, but was rebuffed by big oil.

Now they suddenly say they will start to increase production.

Who says companies aren't exploiting the COVID supply chain issues?

Maybe Fox News' Charles Payne can give us another Marx Brothers routine over Big Oil and their surging profits?

Payne started yelling, "Corporate profits overall and you know what I say. GREAT!!!! FANTASTIC!!!! I love it. Profit is not a four-letter word in a capitalist society," Payne enthused as if in rapture.

Smith cautioned, "Wait a second, Charles. People are going to hear you that, they're gonna say, 'Wait a second. With all these profits there is going to be room for gas prices, oil prices to come down a little bit?'" she said.

Payne had a pained look on his face and took a beat to recover.

"I'm confused about that," he replied.

Can you help us out?

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