A new analysis of World Bank data shows the global oil and gas industry has raked in $2.8 billion in profit, every day, for the last 50 years. The yet-to-be-published report comes as US oil and gas companies are posting record profits as they keep gasoline prices high and extreme heat drives up methane gas prices due to skyrocketing electricity demands to power air-conditioning, the Wall Street Journal reports.
Despite U.S. firms paying less than their global competitors for crude oil, gasoline prices have stayed high. ExxonMobil told investors its refining profits could hit $4.4 billion in Q2, a fivefold increase over its Q2 average from 2017-2019. Meanwhile, extreme heat is pushing up methane-based gas prices as families struggle to keep cool.
High methane-based gas prices, pushed even higher by increased exports to Europe, are driving inflation, and yielding big profits for companies like Kinder Morgan which are taking advantage of the geopolitical climate to increase their earnings. (Global profits: The Guardian; Refining profits: Wall Street Journal $; Methane gas prices: Wall Street Journal $; Kinder Morgan: Houston Chronicle)