Chevron CEO sends out a warning to Americans that their heating bill this fall will be one of the most expensive on record.
With the conflict in Ukraine, and the shutting down of natural gas pipelines here in the US and Europe we are facing one of the biggest natural gas crisis that the world has ever seen.Â
Trending Politics reports. Chevron CEO Mike Wirth says Americans should pay close attention to more than just gasoline prices. As winter approaches, another, almost equally important type of gas might skyrocket in price. What kind of gas is that? Natural gas. Due to its economic conflict with Russia and tit-for-tat sanctions, Europe has been cut off from this generally clean-burning fossil fuel.
Oil companies are raking in record profits from Americans and people across the globe.
So far this year, oil prices have risen by more than 15%. As a result, companies like Chevron have seen their sales, earnings, and stock prices rise. Shares of Chevron are up nearly 40% in 2022, making them the best performer in the Dow. Rival Exxon Mobil has soared almost 60%.
Chevron reported net income of $11.6 billion in the second quarter and analysts are forecasting that the company will post an annual profit of $36.2 billion.
It appears that the oil companies are working to regain the profits lost when America was energy independent just a short 2 years ago. The Trump administration did a wonderful job of keeping gas prices down, and it is beginning to feel like the Biden administration is using whatever excuse he can to allow the gas companies to get back all their net losses. With that being said, it looks like this winter for Americans will be the costliest on record.
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