Bloomberg Law
June 15, 2022, 8:08 PM

Refiners Led by Exxon Facing Biden Wrath as Profits Explode (1)

Kevin Crowley
Kevin Crowley
Bloomberg News

Exxon Mobil Corp., Marathon Petroleum Corp. and the other top US oil refiners are on course to reap a combined $10 billion in profits this quarter even as US President Joe Biden lambasts the industry for closing plants.

With little prospect for any near-term boost in gasoline output, the bonanza will go on for years, barring an economic crash, JPMorgan Chase & Co. said. Fuel supplies already are so tight that any surprise hiccup in the system, such as a hurricane that rakes Gulf Coast refineries, could force rationing, according to the bank.

With US consumers paying a ...