Record Profit from Five Oil Giants in the USA

Five major oil refining companies in the US reached record profit levels with rising fuel prices. The oil company, whose first quarter profit is expected to exceed 10 billion dollars, remains on the US agenda. The President of the United States of America, Joe Biden, noted in some of his assessments the implication that these companies "make more than God".

While US President Joe Biden was outraged by the oil industry's shutdown of its facilities, Exxon Mobil, Marathon Petroleum and other US oil refineries said they were preparing to close this quarter with a profit of $10 billion. Fuel prices rose above $5 for the first time, while gasoline prices were hiked on top of the hike. Speaking about the peak prices, President Biden said that instead of blaming Russian leader Putin for record fuel prices, focus should be on local refineries being opportunistic. After Biden claimed that Exxon was "making more money than God", representatives of the Biden administration began explaining to the press that there were questionable practices in fuel production and pricing. Bharat Ramamurti, Deputy Director of the National Economic Council, said, “When oil was $120 per barrel, gasoline prices were $4.25 and now hovering around $5. Where does this difference come from? The difference comes from the refineries and the huge profits they generate.” American investment bank JPMorgan stated that there is no recent development for an increase in gasoline production and that the profitability of the sector may continue for years unless there is an economic crisis. JPMorgan underlined that the situation in the fuel supply, and any problem that will block the system, such as a hurricane that will hit the refineries on the gulf coast, may cause a ceiling limit to be imposed on prices.