Gas is $4.20 a gallon, and Big Oil is having a huge quarter.
ExxonMobil and Chevron just reported massive third-quarter profits. Exxon earned $15.4 billion, roughly double a year ago, and Chevron earned $9.9 billion. For the first time in at least six years, Exxon made more money refining fuel than drilling for oil, and Chevron’s refining profits jumped more than 300%. Both stocks hit all-time highs.
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