Due to record gasoline prices throughout the quarter, ExxonMobil and Chevron both recorded enormous profits. Exxon’s profit in the second quarter, excluding exceptional items, was $17.6 billion, almost twice as much as it was in the first quarter, which was also quite profitable due to the rise in oil and gas prices following Russia’s invasion of Ukraine. Profit for the second quarter increased 273 percent from the same time last year.
Chevron made $11.4 billion, up 247 percent from a year ago and up 74% from the first quarter, before exceptional items. ExxonMobil net income totaled $17.9 billion, whereas Chevron earned $11.6 billion, when one-time factors are taken into account. Every minute of the 92-day quarter, ExxonMobil net profits totaled $2,245.62. Chevron made $1,462.11 per second on that basis.
The two oil tycoons made more than $400,000 in the two minutes it took you to fill your tank since it takes around two minutes to pump 20 gallons of petrol. Although neither company specifically acknowledged it in their statement, as they usually do when their earnings reach all-time highs, Reuters said this was a record profit for both of them.
Recently, oil prices have begun to decline, and gas costs have followed suit. According to AAA, a gallon of petrol cost $4.26 on Friday. The price has decreased by 76 cents per gallon, or 15%, from the record of $5.02 per gallon set on June 14. However, growing concerns among investors who trade in oil and gasoline futures, that the country is speeding into recession are one of the main causes of that fall. If so, one of the main factors is that the Federal Reserve is raising interest rates at a historically rapid rate in an effort to contain inflation. And one of the main causes of such price hikes is increasing gas costs.