Unprecedented profit for major oil drillers as prices soared

By CATHY BUSSEWITZ
AP Energy Writer

NEW YORK (AP) — Oil companies were swimming in record profits the last few months. They were benefiting from high energy costs at a time when Americans struggled to pay for gasoline, food and other basic necessities. Consumers faced high fuel prices not just at the pump, but also baked into delivery costs, which drove up the cost of everything. Exxon and Chevron both reported record profits in the second quarter. When a gallon of gasoline soared above $5 last month, President Joe Biden blamed major oil producers, saying “Exxon made more money than God this year.”