Big Oil’s Soaring Profits in Democrats’ Sights If House Flips

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Or sign-in if you have an account.(Bloomberg) — Democrats plan to scrutinize soaring profits in the oil sector if they take control of the House of Representatives in the midterm elections, raising the specter that companies could face congressional investigations and hearings. 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ExxonMobil Holdings Corp. and Chevron Corp. reported they made $29 billion combined in the second quarter, more than three times the same period a year ago. The announcement drew a rebuke Monday from President Donald Trump, who said the biggest US oil companies are “making too much money.”The American Petroleum Institute, the nation’s largest oil and gas trade group, said the industry is delivering record production during one of the most significant global energy disruptions in decades. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“This is a cyclical business measured in decades — not quarters,” said Andrea Woods, a spokeswoman for the Washington-based group. “Today’s higher prices are driven by global supply, demand and geopolitical events — not individual companies — and no one benefits from volatility.”Congressional Democrats used their House pulpit to excoriate executives from some of the world’s biggest oil companies in 2022 following Russia’s invasion of Ukraine, accusing them of exploiting the war to reap windfall profits during a marathon six-hour hearing. Huffman, who is poised to become chairman of the House Natural Resources Committee if the minority takes control of the House in November, said he planned to focus on Interior Department moves he said were favorable to the oil industry, though he stopped short of committing to holding hearings. 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