Some businesses have reported increases in quarterly profits of more than 200 percent from the previous year.
Due to a significant price increase brought on by the crisis in Eastern Europe and months of Western sanctions against Russia, a key worldwide exporter, US oil companies ExxonMobil and Chevron have announced record profits. They have made tens of billions of dollars as a result.
The petro-giants released their quarterly financial reports on Friday, and both were successful. Exxon saw a 273 percent increase in profits compared to the second quarter of 2021, while Chevron had a 247 percent increase.
Exxon reported profits of $17.6 billion, almost double what it earned in the first quarter of 2022, and Chevron put the figure at $11.4 billion, up 74% from Q1.
According to CNN, Exxon made over $2,245 every second during the 92-day Q2 period thanks to its net income, bringing in hundreds of thousands of dollars in the time it takes to fill up a car at the gas station. In contrast, Chevron made $1,462 every second over the same quarter.
The upbeat earnings results significantly increased the share prices of both companies, with Chevron rising 8% and Exxon 4% during Friday's early trading hours.
The record gains coincide with a rise in oil and gas prices; according to CNBC, the price of natural gas has nearly tripled since last summer. Although gasoline prices in the US have started to decline from their historic high reached in June, when they exceeded $5 per gallon, they are still significantly higher than the second quarter of 2021, which according to US government statistics averaged out to just over $3 per gallon.
The US-led campaign to boycott, and even outright embargo, Russian energy, which has long constituted a significant portion of imports for various European countries, helps to explain the skyrocketing prices. While some Russian oil sales have been reduced by sanctions, a senior US energy official revealed in June that Russian profits from fossil fuels may currently be higher than they were before Moscow's invasion of Ukraine in late February, which precipitated the barrage of Western sanctions.