Oil Companies Report Big Profits During Iran War
ExxonMobil and Chevron reported large profits this week. Oil prices rose during the Iran war.
The two companies made $26.5 billion together in profits. This covers April through June.
Big oil companies are gaining from high oil prices. Meanwhile drivers are paying more for fuel.
UK petrol prices reached 160 pence per liter. This is according to the RAC, a UK driver services group.
Oil prices have stayed high worldwide. Major oil producers are benefiting from tensions linked to the Iran war.
These tensions are pushing energy prices higher. The profits are now causing political arguments. Some lawmakers are criticizing the companies over rising costs for regular people.
Klear Note — Oil prices rise when wars or conflicts threaten supply. Higher oil prices mean bigger profits for oil companies. But drivers pay more at the pump.
Key Terms 2
- RAC A UK organization that tracks fuel prices and helps drivers.
- second-quarter The three-month period from April through June.