From [HERE] BP reported a profit of $8.5 billion for its second quarter on Tuesday, its biggest windfall in 14 years, making it the latest oil giant to cash in on higher crude prices as Russia’s war in Ukraine disrupts global energy markets.

Just days earlier, the two largest U.S. oil companies — ExxonMobil and Chevron — reported that their profits had roughly tripled in the second quarter, while London-based Shell and France’s TotalEnergies also reported blockbuster results. Second-quarter profits for those five companies now total more than $55 billion, marking a stunning turnaround from the early months of the coronavirus pandemic.

The windfall comes as consumers around the world are feeling the sting of the highest inflation in decades and a cost-of-living crisis that is particularly painful at the gas pump. The price of crude oil surged above $120 per barrel in March and again in June before falling back, and it remains up 34 percent compared to a year ago. The national average gas price in the United States jumped in tandem, to over $5 a gallon for the first time, AAA reported, although prices are now dropping. [MORE]