Exxon Mobil and Chevron became the latest oil companies to report record profits as consumers face escalating fuel and energy bills.
The US firms received a huge windfall as Russia’s invasion of Ukraine caused global energy prices to spike.
Exxon booked a £14.8billion profit in the second quarter of the year, while Chevron hit £9.6billion – both eclipsing previous records.
Record profits: The US firms received a huge windfall as Russia’s invasion of Ukraine caused global energy prices to spike
Both firms’ profits were also almost four times higher than the same quarter a year ago. The results come a day after two of Britain’s biggest energy companies faced a backlash over bumper profits.
British Gas owner Centrica said its profits in the first half rose fivefold to £1.34billion, while Shell reported record quarterly profits of £9.5billion.
While they rake in record amounts a new forecast suggests British consumers face energy bills hitting £500 a month in January.
Petrol prices are also near record highs, adding to the squeeze.
