ExxonMobil's Record Profits Defy Political Expectations

The oil industry has historically been politically conservative. In turn, Democratic politicians have often been hostile toward the industry. Nevertheless, oil companies have recorded some of their largest profits during Democratic administrations. For example, neither President Obama nor President Biden was cozy with the oil industry, but the industry profited enormously under both presidents. The primary driver of oil company profits is simply the price of oil. If a president takes actions that drive oil prices higher, that will likely drive…