Exxon profit set to soar again; White House wants more oil

[ck4829]

HOUSTON, July 5 (Reuters) - Wall Street analysts sharply increased their Exxon Mobil Corp (XOM.N) second-quarter profit estimates on Tuesday, after the largest U.S. oil producer projected it could almost double its first-quarter earnings.

Exxon's preview, released on Friday, signaled strong results ahead by oil companies and refiners and brought renewed criticism from the White House and fresh calls for a windfall profit tax by U.S. lawmakers under pressure from voters feeling pain at the pump.

"This would be one of the strongest quarters in Exxon's history," said Credit Suisse analyst Manav Gupta in a note. The disclosures indicated an operating profit of about $16.8 billion, a historic quarterly peak. Official results are due July 29.

U.S. President Joe Biden and lawmakers pointed to the soaring profits as evidence the oil industry is putting profits ahead of customers, contributing to inflation. Exxon, Biden said last month, was making "more money than God".

https://www.reuters.com/business/energy/wall-street-pushes-up-exxon-forecasts-refining-margins-soar-2022-07-05/

[Botany]

1. These huge profits are driving inflation which the right is now blaming President Biden for.

The republicans and their friends in the fossil fuel industry are working to hamstring Biden
for something that is not his problem.

[crickets]

2. And most media is helping it along. It's nuts. nt

[Botany]

3. Inflation is a world wide problem, it is driven in a large part by energy costs, and the fossil fuel

... industries along with the main stream (aka republican/corporate) media are working
24/7 to blame Joe Biden for it. In 2022 gas prices/inflation will be this year's Hillary's
emails/John Kerry Swiftboats/Al Gore's "I invented the internet"/gay marriage/flag
burning non story that "they" will use 24/7 to hurt the dems and Biden. It has already
been focus group tested and the fact that is not true doesn't matter to them.

But we do have one golden bullet in this information war. "The House passed a bill to fight oil
and gas price gouging — without any GOP support."

https://www.salon.com/2022/05/19/every--and-4-democrats--vote-against-bill-to-stop-big-oils-price-gouging-on-gas/