“Money, money, money!” said Mike Wirth, the big kahuna of Chevron. Darren Woods, Exxon’s head honcho, wasn’t far behind, boasting about their “record first quarter following a record year.” Don’t you just love it when rich people talk about how they’re making even more money?

Thanks to a post-pandemic economy, the demand for gasoline, diesel, and other fuels has gone up, making Chevron and Exxon even more filthy rich than before. But, even with higher prices for crude and fuel, they’re not investing much to raise production. Maybe they’re just too busy swimming in their pools of cash.

Sure, they’ve upped production in the Permian Basin, straddling Texas and New Mexico, but they’re focused more on filling their shareholders’ piggy banks instead. Who needs more oil when you can have more dough, right?

Record profits for oil companies like Exxon and Chevron came after Russia’s invasion of Ukraine, which pushed prices up. And, although U.S. oil inventories have fallen, prices for fossil fuels have, too. Investors think the demand for energy is slowing down, making it harder for these massive corporations to keep raking in the cash.

The price of oil recently dropped below $80 a barrel, down from over $120 last June. But, thanks to the Organization of the Petroleum Exporting Countries and Russia’s decision to cut crude production by 1.2 million barrels a day through the end of the year, prices have climbed back up a bit. Though, let’s be real, it’s only a 1% reduction in global supply. So, don’t get too excited yet, folks.

Serious News: nytimes