Exxon and Chevron profits soar as fuel prices stay high
ExxonMobil reported a third-quarter profit of $15.4 billion, more than double a year earlier, and Chevron's profit nearly tripled, driven largely by refining. Fuel prices have stayed high since the U.S.-Iran war began; AAA's national average for regular gas is about $4.20 a gallon, up from $3.03 a year ago. Exxon CEO Darren Woods said, "We recognize the impact high prices have on people's lives and economic growth."
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Why it matters
Drivers are paying about $4.20 a gallon for regular gas, versus $3.03 a year ago, according to AAA. Moody's Analytics estimates the average U.S. household has paid $1,184 more for fuel since the war began.
Sources
- Scripps News via WTVR: Big oil's profits soar as Iran War keeps drivers paying more
- CNN Wire via Westfair: U.S. and world news for Oct. 30 (Big Oil profits)
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