US households face petrol price strain, with low-income families spending over 10% of income on fuel, while oil giants Chevron and ExxonMobil report soaring profits
US President Donald Trump on Monday lambasted major oil and gas companies, including Chevron and ExxonMobil, for their record earnings amidst high petrol prices. Chevron reported its highest quarterly profits in six years on Friday, with adjusted earnings reaching $12 billion, while ExxonMobil posted its best quarterly profits in four years, at $9.2 billion. These profits come as average US petrol prices are $4.09 per gallon, significantly higher than $2.98 when the US and Iran conflict began in late February. Bank of America analysis showed consumers spent 4.2% of their income on petrol in March, with over 10% of low-income households spending more than 10% of their monthly income on fuel.
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