As consumers worldwide struggled with rising gas and energy prices, the oil industry again saw record profits.
Exxon Mobil set new records for profits in the third quarter, bringing in a net income of $19.66 billion.
The Irving, Texas-based business reported Friday that it generated $112.07 billion in revenue for the quarter, more than double what it did for the previous year.
Chevron’s profits reached a record $11.23 billion, and the San Ramon-based business generated $66.64 billion in sales.
The rising cost of energy has impacted consumers in several ways.
In recent months, Americans have suffered from excruciatingly high gas costs; at the start of July, the national average price for a gallon of regular was over $4.80.
And as energy costs rise, manufacturers and merchants are also negatively impacted.
As a result, customers pay higher prices for food, clothing, and other products.
Although gas prices started to decline near the end of the quarter, customers were still paying, on average, more than $3.79 per gallon of regular in late September.
Even throughout the epidemic, Exxon made expenditures that allowed the business to raise output to fulfill consumer demand, according to Woods.
According to the corporation, Exxon’s refinery output was the greatest it has ever been globally and in North America since 2008.
Exxon achieved record production in the Permian Basin, the nation’s most productive oil region, producing 3.7 million barrels of oil or oil equivalent per day.
Prices for natural gas have also been high, particularly given the continued high demand for liquefied natural gas on a global scale.
As the availability of Russian natural gas decreased and prices rose, the United States started exporting more liquefied natural gas to Asia and Europe.
During the quarter, oil prices peaked first but then progressively declined.
Benchmark U.S. crude was selling for more than $100 per barrel when the quarter started in July, but by the end of September, it was closer to $80 per barrel.