Exxon, Chevron profits triple while gas remains 22% above pre-war
Exxon Mobil and Chevron are about to post their strongest quarterly profits in years, more than triple what they made just a few months ago.
This is happening even though crude oil prices have fallen back to normal after the U.S.-Israel conflict with Iran earlier this year.
But here's the twist: gas prices at the pump are still high, averaging $3.85 per gallon, 22% above pre-war levels.
Oil executives cite bottlenecks and shortages
Oil executives say it's not just about crude prices; supply shortages and refinery bottlenecks are keeping gas expensive.
They point out that only half of what you pay at the pump is for crude, the rest comes from refining, distribution, marketing, and taxes.
With elections coming up, there's extra pressure on the industry to cut prices. As one executive put it, "We understand the politics."