ExxonMobil and Chevron have reported blockbuster third-quarter earnings that beat profit expectations. The two largest U.S. oil companies benefited from record production and higher prices, with refining results reaching record highs as the world turned to U.S. refineries for fuel.
These sky-high profits are tied to geopolitical instability. Conflicts in the Persian Gulf and Russia, along with the war in Iran, have roiled energy markets and pushed up the price of oil. Specifically, global diesel prices have surged as Ukraine and Iran have bombed refineries in the Middle East and Russia.
While business is booming for oil supermajors, motorists are facing significant pain at the pump. Consumers report that the rising cost of living, driven particularly by gas prices, will influence how they vote in the upcoming midterm elections to determine control of Congress.