Oil giants rake in steep profits amid high energy prices

By CATHY BUSSEWITZ
AP Energy Writer

Oil companies brought in staggering profits once again as consumers worldwide struggled with high gasoline and energy prices. Exxon Mobil broke records with $19.66 billion in profits in the third quarter. Chevron earned a record $11.23 billion in profits. Oil and natural gas prices were high globally, as demand grew faster than supply. The high cost of energy has hit consumers in multiple ways. Americans have struggled with painfully high gasoline prices in recent months. And high energy prices also hit manufacturers and retailers, who pass on those costs to customers in the form of high prices for food, clothing and other goods.