U.S. lawmakers quiz oil executives on sharp rise in gas prices

Amna Nawaz:

Since Russia’s invasion of Ukraine, fuel prices have skyrocketed and remained high. Gasoline prices fell from $3.53 a gallon before Putin’s invasion to $4.31 a gallon three weeks later.

They have since slipped slightly to $4.17 a gallon this week. Meanwhile, the price of crude oil has fallen from a high of $127 a barrel in early March to around $101 today.

Even before the invasion, oil company profits had reached record highs. Last year, ExxonMobil’s net profit was more than $23 billion, while Chevron raked in $15.6 billion, its most profitable year since 2014.


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