45 Days
Source:
New York Post
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Oil giants to gain billions from Iran war despite Trump’s push to increase drilling
The US energy industry is preparing for increased profits due to higher oil prices driven by conflicts in the Middle East and disruptions in the Strait of Hormuz, with Exxon Mobil and other major companies reporting significant second-quarter earnings growth. Despite record crude oil production, majors are hesitant to expand drilling efforts, citing existing surplus, technological efficiencies, and political and environmental concerns. The White House has encouraged increased output to lower gasoline prices ahead of the midterm elections, but oil companies are focusing on shareholder returns and debt reduction rather than expanding drilling operations.
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