Big Oil Companies Expect $53 Billion In Profits

BP, Chevron, Exxon Mobil, Shell, and TotalEnergies are expected to post $53 billion in profits in the second quarter. Oil prices and refining crude into gas, diesel, and heating oil drive these profits. And their exploration activity remains down. They are not drilling while they can make money on current supply. These profits suggest energy inflation will continue to rise rapidly, which negatively affects the entire economy. Washington has ignored the idea that the federal government should tax these profits. Based on third-quarter oil prices, these profits may rise further.