Oil 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. On Friday, Exxon Mobil booked an unprecedented $17.85 billion profit for the second quarter and Chevron made a record $11.62 billion. The sky-high profits come one day after the U.K.’s Shell shattered its own profit record. Soaring energy prices have rattled consumers and become a political flash point. Last month, President Joe Biden said that “Exxon made more money than God this year. ” 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. The record profits marked a stunning turnaround from the early days of the COVID-19 pandemic, when cities were locked down and demand for fuels plummeted. There were numerous bankruptcies and thousands of layoffs. The industry has long gone through boom-and-bust cycles. But due to the ongoing war Russia waged on Ukraine, which resulted in less oil and gas on the market from Russia, as well as other global supply constraints, high prices could linger for some time. “It’s devastating,” said Mark Wolfe, executive director of the National Energy Assistance Directors Association, who added that high energy prices hit low-income families and frontline workers the hardest. “You live on a tight budget and this is an extra $40 to $50 per week.” Wolfe wants the federal government to tax energy companies and “redistribute some of those profits back to the families who are struggling.” Inflation is already changing where Americans go and what they eat. It’s also changing the way they consume energy. Two-thirds of Americans changed their driving habits and lifestyle, with the vast majority choosing to drive less or combine errands, said AAA spokesman Andrew Gross. Among those surveyed by AAA, 2% said they bought an electric vehicle since March, he said. “They have really altered their lifestyles to cope with these high prices,” Gross said. 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. Read: US, allies aim to cap Russian oil prices to hinder invasion Natural gas and liquefied natural gas (LNG) prices are also elevated due to Russia’s invasion of Ukraine and ensuing sanctions against Russia, a major supplier of natural gas. Many European nations have been scrambling for alternatives to Russian natural gas, and have been competing for boatloads of LNG, driving up prices for natural gas both globally and in the U.S. Inflation in Europe has also been surging, including soaring costs for energy. Surging prices have been a boon for investors, including energy executives who receive a large share of compensation through company stock. Exxon earned $4.21 per share, exceeding analyst expectations of $4.02 per share, according to analysts polled by Factset. Chevron earned $5.95 per share, exceeding analyst expectations of $5.16 per share. Shares of Exxon Mobil Corp. jumped 4% at the opening bell Friday and Chevron rose 8% Exxon CEO Darren Woods attributed the company’s success to its investments in oil and gas fields in Guyana and the Permian Basin, as well as its investments in liquefied natural gas, which has been in high demand globally. “Given the long investment cycle times, growing supply will not happen overnight,” said Woods in a conference call Friday. Gasoline prices rose particularly quickly during the quarter, due to limited global supply, the high cost of oil and because there are fewer refineries operating in the U.S. than before the pandemic. Exxon plans to increase refining capacity by about 250,000 barrels per day in the first quarter of 2023 by expanding its Beaumont Refinery. That represents the industry’s largest single capacity addition in the U.S. since 2012, the company said. 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. “Bringing more LNG supplies to help offset some of the Russian gas going into Europe will be another really critical step forward in diversification of supplies for Europe,” Woods said. Climate scientists and residents who live near Gulf Coast LNG export facilities warn that expanding fossil fuel infrastructure could exacerbate disasters caused by climate change.   Exxon expects to increase oil-equivalent production in the Permian Basin by 25% this year compared to 2021 and to eliminate routine flaring in the Permian by the end of the year.

Saudi Arabia said Monday that it “won't bear any responsibility" for a shortage in global oil supplies after a fierce barrage of attacks by Yemen's Houthi rebels affected production in the kingdom, the world's largest oil exporter. The unusually stark warning marked a departure from the giant oil producer's typically cautious statements, as Saudi officials remain aware that even their smallest comments can swing the price of oil and rattle global markets. The salvo of rebel attacks on Saudi Arabia's oil facilities marked a serious escalation in the war, which erupted in 2014 when the Iran-backed Houthis seized the capital, Sanaa, and much of the country's north. Saudi Arabia and its allies responded with a devastating air campaign to dislodge the Houthis and restore the internationally recognized government. Seven years later, the conflict has turned into a bloody stalemate and spawned one of the worst humanitarian disasters in the world. Also read: Asian shares extend losses as oil prices push higher The state-run Saudi Press Agency quoted the Saudi Foreign Ministry as saying that the kingdom “declares that it will not bear any responsibility for any shortage in oil supplies to global markets in light of the attacks on its oil facilities.” The announcement comes as the kingdom remains in lockstep with OPEC and other oil-producing countries in a deal limiting production increases. Gulf Arab oil producers have so far resisted pressure from the Biden administration to pump more crude to help bring down oil prices that have soared amid Russia's war on Ukraine. Already, gasoline prices have hit record highs around the world. Gas prices in the U.S. topped $4.25 on Monday, according to auto club AAA, just below the historic record of $4.33 reached earlier this month. “The international community must assume its responsibility to preserve energy supplies," the Saudi statement added, in order to deter attacks that jeopardize “the kingdom’s production capability and its ability to fulfill its commitments." The international oil benchmark Brent crude hovered over $112 a barrel in trading Monday, up more than 4% for the preceding session. The price remained below a peak of nearly $140 hit earlier this month, but still some $15 a barrel more than before the Russian invasion of Ukraine. On Sunday, Yemen's Iran-backed rebels launched one of their most intense series of attacks targeting the kingdom's oil and natural gas production, sparking a fire at a petroleum distribution center in the port of Jiddah, the country’s second-largest city, and disrupting production at a petrochemicals complex in Yanbu on the Red Sea coast. The overall extent of damage at the installations remained unclear. The Saudi Energy Ministry acknowledged a temporary drop in oil output at the 400,000-barrel-a-day Yanbu site, without elaborating. The government condemned the attacks as a threat to the security of global oil supplies “in these extremely sensitive circumstances." Even before Russian tanks rolled into Ukraine, global energy supplies were struggling to keep pace with surging post-pandemic demand. The West's punitive sanctions on Moscow, among the world's largest oil producers and exporters, unleashed more turmoil on the market. The relentless wave of Houthi strikes began before dawn Sunday and sporadically pounded sites throughout the kingdom's south and west for hours, with the roar and thump of missile interceptors rattling residents in Jiddah until just before midnight.   The attacks on installations run by the state-controlled national oil company Aramco, among the world's most significant and valuable companies, exposed the gaps in Saudi defenses and recalled the dramatic attacks on two key oil installations in the country's east that temporarily knocked out half of Saudi Arabia’s total oil production. Also read: Oil prices jump, shares sink as Ukraine conflict deepens The Houthis claimed responsibility for that sophisticated attack in September 2019, which the U.S. and Riyadh later blamed on Iran. Even after shrapnel blasted through the critical Abqaiq oil processing facility, Saudi Arabia delivered no such similar warning about its responsibility for global oil supplies and swinging prices. Instead the kingdom stressed it would speedily return to normal levels of production. After Sunday's strikes, a senior administration official confirmed that the United States has transferred a significant number of Patriot antimissile interceptors to help Saudi Arabia thwart the barrage of Houthi drone and missile attacks. “We condemn the weekend attacks on Saudi Arabia by the Iran-supported Houthis and will continue to help Saudi Arabia defend its territory,” tweeted U.S. Secretary of State Antony Blinken. “These are attacks against civilians, and they must end.”

Asian shares were mostly lower and oil prices fell Tuesday after another day of losses on Wall Street as anxiety over the war in Ukraine and an upcoming Federal Reserve meeting on interest rates keep global financial markets on edge. Markets remain jumbled as investors try to gauge various economic impacts from the war in Ukraine, upcoming rate hikes by central banks and new virus lockdowns in China. Tokyo rose while markets in China, Australia and South Korea fell. Stocks have fallen sharply in Hong Kong recently, sinking to near six-year lows after the neighboring city of Shenzhen was ordered into a shutdown to combat China’s worst COVID-19 outbreak in two years. The Hang Seng index lost 2.4% early Tuesday to 19,068.49, while the Shanghai Composite gave up 2.1% to 3,157.14. Also read: Asian shares extend losses as oil prices push higher Tokyo's Nikkei 225 rose 0.3% to 25,385.11, while the Kospi in Seoul gave up 0.6% to 2,630.34. Australia's S&P/ASX 200 slid 0.6% to 7,108.80 and shares also fell in Taiwan and Bangkok. Oil prices have tumbled, taking some pressure off the inflation sweeping the globe, with a barrel of U.S. crude falling below $100 per barrel after touching $130 last week. U.S. crude shed $4.14 to $98.87 per barrel in electronic trading on the New York Mercantile Exchange. It tumbled $6.32 to $103.01 on Monday. Brent crude, the standard for pricing international oils, gave up $3.90 to $103.00 per barrel. Uncertainty about whether the world economy may be heading for a toxic combination of stagnating growth and persistently high inflation has cast recoveries from the pandemic in question as Russia’s invasion of Ukraine caused prices for oil, wheat and other commodities produced in the region to soar. That has brought sharp day-to-day and hour-to-hour reversals across markets, as expectations for worsening inflation rise and fall. “Markets appear to have been trafficking in an odd mix of hope, fear and uncertainty," Mizuho Bank said in a commentary. Also read: Oil prices jump, shares sink as Ukraine conflict deepens On Monday, negotiators from Russia and Ukraine met over video conference for a new round of talks, after the two sides expressed some optimism in the past few days. The talks ended without a breakthrough after several hours. The negotiators took “a technical pause,” Ukrainian presidential aide Mykhailo Podolyak said, and planned to meet again Tuesday. Investors were already uneasy before the war began because central banks around the world are preparing to shut off the stimulus they pumped into the global economy after the pandemic struck. The wide expectation is that the Federal Reserve will raise its key short-term interest rate by a quarter of a percentage point on Wednesday. It would be the first increase since 2018, and it would pull the federal funds rate off its record low of nearly zero. On Monday, the S&P 500 gave up an early gain and closed 0.7% lower, at 4,173.11, while the Dow Jones Industrial Average was essentially unchanged at 32,945.24. The Nasdaq fell 2% to 12,581.22. Small company stocks also fell. The Russell 2000 index slid 1.9% to 1,941.72. The pullback came as the yield on the 10-year Treasury touched its highest level since the summer of 2019. The yield on the 10-year Treasury climbed to 2.16% from 2.00% late Friday after earlier touching its highest level since July 2019. The two-year yield, which moves more on expectations for Fed policy changes, rose to 1.86% from 1.75%. The Fed faces the challenge of raising rates just quickly and high enough to bat down inflation without overdoing it and causing a recession. The war in Ukraine makes the balancing act even more difficult. It’s pushing inflation higher by raising prices for everything from nickel to natural gas. And it’s threatening to pull down on economic growth. In currency dealings, the dollar rose to 118.34 Japanese yen, its highest level in about six years, from 118.18 yen late Monday. The dollar tends to serve as a safe haven in times of crisis, and the prospect of higher interest rates enhances its allure to investors. The weaker yen is a boon to Japanese export manufacturers as it makes their products relatively cheaper and more competitive in overseas markets. Toyota Motor Corp.'s shares gained 2.5% early Tuesday, The euro rose to $1.0979 from $1.0941.

Shares fell in Asia on Tuesday after Wall Street logged its biggest drop in more than a year as markets were jolted by another surge in oil prices. Benchmarks declined in Tokyo, Sydney, Hong Kong, Seoul and Shanghai following a 3% tumble for the S&P 500. The surge in the price of oil past $130 per barrel on Monday was triggered by the possibility the U.S. might bar crude imports from Russia. Oil prices steadied later in the day and were moderately higher early Tuesday. Read:Oil prices jump, shares sink as Ukraine conflict deepens A third round of peace talks between Ukraine and Russia failed to produce major results. A top Ukrainian official said there was minor, unspecified progress toward establishing safe corridors to allow civilians to escape the fighting. But Russian forces continued their shelling as food, water, heat and medicine grew increasingly scarce in Ukraine. Surging prices for oil and other vital commodities are rattling global markets and the situation remains uncertain as investors search for safe havens from expanding sanctions against Russia. Analysts expect the war in Ukraine to top the agenda for some time to come and say the full impact of the conflict is yet to be fully taken into account. “Disruptions to energy markets and the possibility of a geopolitical paradigm shift make for a highly unpredictable environment," Stephen Innes of SPI Asset Management said in a commentary. However, he added, “we should reach a point at which equities start to price in a light at the end of the tunnel." Japan's benchmark Nikkei 225 shed 0.9% to 24,994.98. Australia's S&P/ASX 200 sank 0.2% to 7,023.20. South Korea's Kospi slipped 0.5% to 2,637.61. Hong Kong's Hang Seng lost 0.3% to 20,990.05, while the Shanghai Composite fell 2% to 3,305.83. On Monday on Wall Street, the S&P 500 fell 122.78 points to 4,201.09. The Dow Jones Industrial Average fell 2.4% to 32,817.38. The tech-heavy Nasdaq composite slid 3.6% to 12,830.96 and is now 20.1% below its record set in November. That means the index is in what Wall Street calls a bear market. The S&P 500 is down 12.4% from the peak it set in early January. Gold — a measure of nervousness on Wall Street — also rose, though not by quite as much as when oil prices hit their peak. The price of gold briefly touched $2,007.50 per ounce. Early Tuesday it was at $1,990.00, down 0.3%. Benchmark U.S. crude advanced $1.76 to $121.16 a barrel in electronic trading on the New York Mercantile Exchange. It settled at $119.40 per barrel on Monday, up 3.2%, after earlier touching $130.50. Brent crude, the international pricing standard, added $2.68 to $125.89 a barrel. It had settled at $123.21 per barrel, up 4.3%, after earlier topping $139. Worries are growing that Russia’s invasion of Ukraine will upend already tight supplies of oil. Russia is one of the world’s largest energy producers, and oil prices already were high before the attack because the global economy is demanding more fuel following its coronavirus-caused shutdown. A U.S. ban on imports of Russian oil and other energy products, if taken, would be a major step for the U.S. government, though the White House has said it hopes to limit disruptions to oil markets and limit price jumps at the gasoline pump. Reports also said U.S. officials may be considering easing sanctions against Venezuela. That potentially could free up more crude oil and ease concerns about reduced supplies from Russia. A gallon of regular already costs an average of $4.065 across the country after breaching the $4 barrier on Sunday for the first time since 2008. A month ago, a gallon averaged $3.441, according to AAA. Read:Brent crude up $10, shares sink as Ukraine conflict deepens The war puts extra pressure on central banks around the world, with the U.S. Federal Reserve on course to raise interest rates later this month for the first time since 2018. Higher rates slow the economy, which hopefully will help rein in high inflation. But if the Fed raises rates too quickly, it risks forcing the economy into a recession. “Their reaction to geopolitics can't really be measured, so there's uncertainty around that,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. Beyond sanctions brought on Russia by governments because of its invasion of Ukraine, companies are also levying their own punishments. The list of companies exiting Russia has grown to include Mastercard, Visa and American Express, as well as Netflix. On Wall Street, shares of Bed Bath & Beyond soared 34.2% to $21.71 after the investment firm of billionaire Ryan Cohen took a nearly 10% stake in the company and recommended big changes. Cohen is the co-founder of Chewy, and he's amassed somewhat of a cult following after he took a stake in GameStop, the struggling video game chain that eventually named him board chairman. Treasury yields climbed, with the 10-year rising to 1.78% from 1.72% late Friday. In currency trading, the U.S. dollar rose to 115.43 Japanese yen from 115.32 yen. The euro cost $1.0868, up from $1.0853.

Oil prices jumped and shares were sharply lower Monday as the conflict in Ukraine deepened amid mounting calls for harsher sanctions against Russia. Brent crude oil briefly surged above $130 a barrel but was trading around $125 a barrel later Monday. Benchmark U.S. crude also bounced, gaining $10 and then giving up some of that advance. European markets opened lower and U.S. futures were down 1.7%. The price of gold surged above $2,000 an ounce as investors bought the precious metal viewed as a safe haven in times of crisis. Russian forces were pummeling some Ukrainian cities with rockets even after Moscow announced another cease-fire and proposed a handful of humanitarian corridors to allow civilians to flee Ukraine starting Monday. Also read: Asian stocks rise after Fed chair supports smaller rate hike A similar temporary cease-fire in two Ukrainian cities failed over the weekend — and both sides blamed each other. U.S. House of Representatives Speaker Nancy Pelosi said the House was exploring legislation to further isolate Russia from the global economy, including banning the import of its oil and energy products into the U.S. Oil prices came under additional pressure after Libya’s national oil company said an armed group had shut down two crucial oil fields. The move caused the country’s daily oil output to drop by 330,000. But reports said U.S. officials may be considering easing sanctions against Venezuela. That potentially could free up more crude oil and ease concerns about reduced supplies from Russia.   U.S. crude jumped $6.92 to $122.60 a barrel in electronic trading on the New York Mercantile Exchange. The all-time high was marked in July 2008, when the price per barrel of U.S. crude climbed to $145.29. That pushed the average price for gasoline in the U.S. above $4 a gallon, a milestone already reached again. The price of regular gasoline rose almost 41 cents, breaking $4 per gallon (3.8 liters) on average across the U.S. on Sunday for the first time since 2008, according to the AAA motor club. Brent crude, the international pricing standard, hit $139.13 per barrel before falling back Monday. It was trading up $6.57 at $124.68 a barrel in London. In early European trading, France’s CAC 40 dipped 3% to 5,879.70, while Germany’s DAX lost 3.2% to 12,675.43. Britain’s FTSE 100 dropped 1.4% to 6,890.71. U.S. shares were set to start the week lower, with the futures for both the Dow Jones Industrial Average and the S&P 500 down 1.8%. Higher fuel costs are devastating for Japan, which imports almost all its energy. Japan’s benchmark Nikkei 225 lost 2.9% to 25,221.41. Also read: Ruble dives, stocks sink as West tightens Russia sanctions Hong Kong’s Hang Seng dropped 3.9% to 21,057.63, while South Korea’s Kospi slipped 2.3% to 2,651.31. Australia’s S&P/ASX 200 shed 1.0% to 7,038.60. while the Shanghai Composite lost 2.2% to 3,372.86. “The Ukraine-Russia conflict will continue to dominate market sentiments and no signs of conflict resolution thus far may likely put a cap on risk sentiments into the new week,” said Yeap Jun Rong, market strategist at IG in Singapore. “It should be clear by now that economic sanctions will not deter any aggression from the Russians, but will serve more as a punitive measure at the expense of implication on global economic growth. Elevated oil prices may pose a threat to firms’ margins and consumer spending outlook,” Yeap said. China reported Monday that its exports rose by double digits in January and February before Russia’s attack on Ukraine roiled the global economy. Customs data show exports grew by 16.3% over a year earlier in a sign global demand was recovering before President Vladimir Putin’s Feb. 24 invasion. Imports advanced 15.5% despite a Chinese economic slowdown that the war threatens to worsen. China’s No. 2 leader, Premier Li Keqiang, warned Saturday global conditions are “volatile, grave and uncertain” and achieving Beijing’s economic goals will require “arduous efforts.” Markets worldwide have swung wildly recently on worries about how high prices for oil, wheat and other commodities produced in the region will go because of Russia’s invasion, inflaming the world’s already high inflation. The list of companies exiting Russia has grown to include Mastercard, Visa and American Express, as well as Netflix. The conflict in Ukraine also threatens the food supply in some regions, including Europe, Africa and Asia, which rely on the vast, fertile farmlands of the Black Sea region, known as the “breadbasket of the world.” Wall Street finished last week with shares falling despite a much stronger report on U.S. jobs than economists expected. The S&P 500 fell 0.8% to 4,328.87, posting its third weekly loss in the last four. It is now down just under 10% from its record set early this year. In currency trading, the U.S. dollar edged up to 115.08 Japanese yen from 114.86 yen. The euro cost $1.0830, down from $1.0926.

The price of oil jumped more than $10 a barrel Monday as the conflict in Ukraine deepened amid mounting calls for harsher sanctions against Russia. Brent crude oil briefly surged over $10 to nearly $130 a barrel early Monday. Benchmark U.S. crude was up nearly $9 at more than $124 a barrel. Read:Ukraine says Russia steps up shelling of residential areas The surge followed a warning from Russian President Vladimir Putin that Ukrainian statehood was imperiled as Russian forces battered strategic locations. A temporary cease-fire in two Ukrainian cities failed — and both sides blamed each other. U.S. House of Representatives Speaker Nancy Pelosi said the House was exploring legislation to further isolate Russia from the global economy, including banning the import of its oil and energy products into the U.S.

The High Court has fixed Monday to hear a writ petition seeking directions to control the price of loose and bottled soybean oil in the market. A division bench of Justice Farah Mahbub and SM Moniruzzaman passed the order following the writ's presentation at the court by petitioner’s lawyer advocate Syed Mohidul Kabir. The petition also challenged the government's inactivity to control the price hike of soybean oil. Also read: Commerce ministry seeks BTTC report before raising edible oil price The directions sought include forming a monitoring cell and proper guidelines for keeping the edible oil prices under control was sought in the petition. Three Supreme Court lawyers, advocate Monir Hossain, advocate Syed Mohidul Kabir and advocate Mohammad Ullah were the petitioners of the writ. Commerce secretary, Consumer Rights Protection authority and other concerned were made respondents in the writ petition. On March 3, the three lawyers brought the court’s attention to the matter by presenting a news report on a dishonest group of traders hiking edible oil prices in Bangladesh taking the opportunity of the Russia-Ukraine war. Also read: Edible oil price increased in line with manufacturers' proposal They said, on March 2, consumers had to buy loose soybean oil at Tk 175 per litre while the government has fixed the price at Tk 143. On the court’s suggestion, the lawyers submitted a petition following the proper procedures in this regard.

New York, Sept 16 (UNB) - An attack on Saudi Arabia's largest oil processing plant pushed crude prices sharply higher Monday, though its longer-term impact depends on how long production is disrupted and the attack's future implications.