Soaring energy prices have rattled consumers and become a political flash point
il companies swam in record profits over the last few months at a time when Americans struggled to pay for gasoline, food, and other basic necessities.
Consumers are facing high fuel prices not just at the pump, but soaring energy prices are being baked into delivery costs, which is driving up the cost of everything from apples to toilet paper. Exxon, based in Irving, Texas, increased its oil and gas production as crude prices hovered above $100 a barrel. Revenue at Exxon skyrocketed to $115.68 billion, up from $67.74 billion during the same quarter last year.
“Given the long investment cycle times, growing supply will not happen overnight,” said Woods in a conference call Friday. To alleviate Europe’s energy crisis, Exxon sees potential for fracking and unconventional gas in Germany, and “there’s an opportunity where certainly ExxonMobil could play a key role,” Woods said.Exxon also plans to increase its exports of LNG to Europe. Golden Pass, its LNG export facility under construction in Port Arthur, Texas, will increase LNG exports from the Gulf Coast by 20% when it starts up in 2024, he said.
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