As the winter weather subsides in exchange for more sunshine and warmth, an increasing amount of Americans will be hoping to travel. Unfortunately, that may not be a possibility for some due to the fact that gas prices are steadily rising with no end in sight. The increase in gas prices has a trickle-down effect on everything from flight tickets to shipping costs. Even though the rise in gas prices is bad news for most Americans, that isn’t the case across the board. In fact, there are some people who are relishing over the pain being experienced at gas pumps across the nation. Among the people who are most thrilled to see the continued rise in gas prices are the executives at ExxonMobil who have been raking in heavy profits as a result of the surge in oil prices.
The Company has done so well during the surge in oil prices that their first-quarter earning results may have reached up to $13 billion. This represents the highest profits for ExxonMobil since 2008. The first-quarter results are said to have been about $2 billion higher than the results of the 4th quarter of 2021. Whether or not the Company will be able to maintain their momentum throughout the rest of the year remains to be seen as governments across the world are working to do what they can to alleviate their citizens from unbearably high fuel costs.
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One of the biggest factors regarding whether or not their profits will continue to soar is how big of a hit they’ll take by withdrawing Sakhalin-1 oil development in Russia’s far east region. ExxonMobil announced they’d be leaving Russia due to international sanctions, along with what Executive Officer Derren Woods describes as the country’s “needless destruction” in the nation of Ukraine. If the move results in lower fuel costs for consumers, it’s one that would likely be supported far and wide.
