Exxon Mobil Corp., Marathon Petroleum Corp. and the other top U.S. oil refiners are on course to reap a combined $10 billion in profits this quarter even as U.S. President Joe Biden lambastes the industry for closing plants.
With little prospect for any near-term boost in gasoline output, the bonanza will go on for years, barring an economic crash, JPMorgan Chase & Co. said. Fuel supplies already are so tight that any surprise hiccup in the system, such as a hurricane that rakes Gulf Coast refineries, could force rationing, according to the bank.
With U.S. consumers paying a record $5 for a gallon of gasoline and sky-high diesel prices bleeding through the rest of the supply chain, Biden has pivoted from blaming Vladimir Putin’s war on Ukraine to accusing domestic refiners of gouging and profiteering.
