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2 Charts Show Big Oil Profits Skyrocketing As Prices at the Pump Rise [Video]

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Supply-chain snags. Overwhelming demand. Insufficient crude oil production. Refinery backlogs.

A handful of factors have been blamed for soaring gas prices, which have headlined the suffocating inflation of the past year. Yet the blame for the price surge is quickly shifting toward gas companies and their profits.

Several of the world’s largest oil companies reported first-quarter earnings in recent weeks, giving investors new detail as to how sky-high gas prices are bolstering firms’ bottom lines. Performance, in a word, was stellar. ExxonMobil reported a net profit of $5.5 billion, more than doubling its earnings from the year-ago period. Shell notched its strongest quarterly profit ever, and Chevron posted its best earnings quarter in nearly a decade.

A new analysis from the Center for American Progress examined five major oil companies — Shell, ExxonMobil, BP, Chevron, and ConocoPhillips — as gas prices soar.

The authors of the Center for American Progress post wrote that, in the first quarter of 2022, these companies “brought in more …

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Business Owners

Five9 Reveals Award Winners at Las Vegas CX Summit [Video]

For the second-consecutive year, cloud contact center provider Five9 revealed the winners of its customer experience (CX) awards. The accolade celebrates organizations that deliver what the firm calls "real customer and employee experience results through the evolution of cloud, AI, analytics, empathetic service, and the Five9 partner ecosystem."