Yesterday Exxon, Mobile, and Chevron, largest U.S. oil companies, announced the fourth consecutive quarter of profits. Are the companies investing their profits in in production and refining?
Actually no. They have been giving increases in dividends and engaging in stock buybacks. Amazingly, the income of the world’s oil and natural gas producers will double in 2022 from 2021, to four trillion dollars.
You might remember that the next time you are at the gas pump and hear someone blame Biden for high gas prices.
See Clifford Krauss, “Oil Giants Rack Up Profits and Face Fire,” New York Times (Oct. 29,. 2022), pp. B1, B4.
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