With the price of gas being one of the major influences on inflation, this may be hard for you to swallow.
Oil Companies have been announcing their second quarter earnings, and most are reporting record profit.
In the U-S, Exxon Mobil earned a record 17.85-billion-dollars profit in just three months. In case you are wondering, that is over 14-hundred dollars per second.
Chevron made a record 11.62-billion. Again, that’s not earnings, that’s the money left after all the expenses are paid. That’s up 74 percent from the first quarter this year, and up 247 percent compared to last year.
Calgary-based Imperial Oil’s second-quarter profit soared to 2.41-billion-dollars, more than six-times higher than a year ago.
The record profits come as people are struggling to keep up with rising inflation.