The Texas oil producer saw its net income skyrocket as most Americans are paying more than $4 a gallon at the pump.
As gas prices continue to soar across the nation, oil producer Exxon Mobil reported $5.4 billion in profit during the first quarter — doubling its profits compared to the same quarter last year.writing down about $3.4 billion. CEO Darren Woods said in a statement Friday that Exxon's earnings increased modestly. Revenue at the Texas company was $90.5 billion, which far exceeded the $59.1 in revenue during the same quarter a year ago.
Exxon's growth this quarter is in part due to oil prices rising soon after Russia invaded Ukraine, sending European countries which rely heavily on Russia for energy and others scrambling to find alternative sources for fuel. A barrel of the U.S. benchmark crude rose from $76 to nearly $130 per barrel before ending the quarter at $100, and drivers were filling up with increasingly expensive gasoline.
For the most part, oil prices are in lockstep with gas prices. As oil rises, so do prices at the pump — although sometimes it takes longer for stations to lower gas pricesThe average national gas price was $4.16 a gallon as of Friday, up from $2.88 a year ago, according to AAA. Some states, including lCalifornia and Nevada, are paying more than $5 a gallon; at the low end, Alabama, Louisiana and Mississippi drivers are paying around $3.85 a gallon.
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