The world’s major oil and gas magazines raked in $174 billion in profits in the first nine months of 2021 of which $74 billion fell in 3Q21, according to a report in The Guardian.
The world’s largest private oil company Exxon posted a net income of $6.75 billion in 3Q21.
This news comes as gasoline prices in the United States have risen approximately 50% year-over-year according to the latest Bureau of Labor Statistics data. High prices have led to pressure from the US government to increase production, but according to analysts shareholder pressure has led to the companies keeping production low.
“A lot of this has been driven by investor sentiment,” Helima Croft of RBC Capital Markets told The Guardian. “They don’t want them to spoil the party.”
Oil prices have also been recovering from a pandemic low of approximately $20 per barrel and have recently fluctuating between $70 per barrel and $80 per barrel over the last month.