As crude prices surge, oil companies are raking in money — enormous profits gained from practically no extra investment.ExxonMobil (XOM) made a $23 billion profit in 2021, its largest in seven years. And as oil prices rise, it’s expected to make nearly $33 billion this year. BP (BP), meanwhile, earned $12.8 billion in 2021 and is forecast to earn $15.6 billion in 2022.
Read more: Big Oil rakes in billions as prices soar. Lawmakers want them to pay us back