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Stock impact report

Biden's oil boom [Reuters]

TotalEnergies SE (TTE) 
Company Research Source: Reuters
elections, proving that what happens in globally interconnected markets like oil and gas is often well outside the immediate control of the person in the White House. In Biden's case, Russia's invasion of Ukraine pushed oil and gas prices so high that many producers worldwide made record profits, not just those in the United States. The global economic recovery that followed the darkest days of the COVID pandemic also rapidly pumped up demand for fossil fuels. The profits of the top five publicly traded oil companies, for example — BP, Shell, Exxon, Chevron, and TotalEnergies — amounted to $410 billion during the first three years of the Biden administration, a 100% increase over the first three years of Donald Trump's presidency , according to data compiled by Reuters. Oil giants booked higher profits under Biden… Bar chart showing the profits generated by oil companies BP, TotalEnergies, Shell, Chevron and ExxonMobil during the first three years of the Trump and Biden admini Show less Read more
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