Oil companies post record earnings as sky-high gas prices linger

Oil companies post record earnings as sky-high gas prices linger

Summary : Major Western oil companies reported record profits in the second quarter alongside gas prices that have topped a national average of more than $5 a gallon. The Inflation Reduction Act currently being debated in Congress contains tax rebate provisions for investing in green energy, but also calls for increasing America’s energy security by boosting fossil fuel supplies.

“The increased risk of geopolitical uncertainty demands that we turn our focus to increasing U.S. energy production and bringing good paying energy and manufacturing jobs back to America,” U.S. Sen. Joe Manchin (D-W.V.), the bill’s key supporter, said in a statement this week. “While this may seem like commonsense, this Administration’s current solution is to push forward more costly regulations resulting in less U.S. production while inexplicably asking other nations to pump more oil.”

And he said Americans should expect the current environment — big-money returns for oil companies alongside higher gas prices — to linger.

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