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Oil company profits boom as Americans reel from high fuel prices

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theguardian.com

The US’s biggest oil companies pumped out record profits over the last few months as Americans struggled to pay for gasoline, food and other basic necessities.On Friday, ExxonMobil reported an unprecedented $17.85bn (£14.77bn) profit for the second quarter, nearly four times as much as the same period a year ago, and Chevron made a record $11.62bn (£9.61bn).

The sky-high profits come one day after the UK’s Shell shattered its own profit record.Soaring energy prices have rattled consumers and become a political flashpoint. “We’re going to make sure everybody knows Exxon’s profits,” Joe Biden said in June. “Exxon made more money than God this year.”The record profits came after similarly outsized gains in the first quarter when the largest oil companies made close to $100bn in profits.High energy prices are one of the major factors driving inflation to a four-decade high in the US.

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