The majors are raking it in, and the Biden Administration seems powerless to stop the gouging. This chart tells the all too predictable story:
Major exploration and production companies are reporting record setting profits in the first quarter of 2022. Of course the war in Ukraine is a good excuse to raise prices even if the actual effect on the global market is constrained by offsets from other producing countries. Brent Crude is now selling at $117 and a barrel can reach $130 in the USA. Exxon-Mobil reported a three year high in earnings at the end of 2021of $8.8 billon. You might reasonably ask if the company intends to spend its flush cash on more clean energy projects.
NOT! The company plans a $30 billion stock buy-back program that will increase its stock price even more. Capitalism in action.
