&imwidth=800&imheight=600&format=webp&quality=medium "Big oil profits meet political backlash")
Thebiggest winners from the latestoilmarket turmoilmay be the world's largest energy companies. But asprofitssurge, so doesthe politicalpressure. US President Donald Trump has launched a probe into alleged fuel price gouging, while European lawmakers are once again calling for windfall taxes onbigoil. The second quarter is expected to be one of the strongest in years for globaloilmajors.
After the closure of the Strait of Hormuz disrupted globaloilflows, Brent crude briefly climbed above 100 dollars a barrel, pushing up crude and natural gas prices worldwide. Higher commodity prices are now expected to translate into bumper earnings for the world's largestoilcompanies, setting the stage for a record quarter across the energy sector.
Analysts expect ExxonMobil to report between $16 and $19 billion in second-quarter profit, while Chevron's earnings are projected at nearly $10 billion.
This is more than three times their first-quarter results. US refiners, including Marathon Petroleum and Valero, are also expected to post their strongestprofitsin years. However, these gains have drawnpoliticalscrutiny. President Donald Trump has accused fuel retailers of keeping gasoline prices artificially high despite crudeoilprices retreating and has ordered a federal investigation into possible price gouging.
At the same time, some European lawmakers are demanding thatoilcompanies contribute more towards climate adaptation measures. Theoilindustry argues that retail fuel prices do not move in lockstep with crude prices.
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Refiners say gasoline prices reflect multiple factors, including refining costs, fuel inventories, seasonal demand and supply disruptions. Companies also point to a time lag between changes in crudeoilprices and prices at the pump.
While gasoline prices in the United States have eased from their recent peaks, they remain higher than a year ago.
Asoilcompanies prepare to announce another quarter of exceptionally strong earnings, they also face growingpoliticalpressure over consumer fuel costs. This has emerged as a familiar cycle whenever geopoliticalshocks send energy markets sharply higher.
