Gas Prices: The Anatomy of a Broken Market As summer draws to a close, millions of Americans are still reeling from soaring gas prices, hovering above $4 per gallon despite crude oil prices having retreated from their peak.
Oil majors ExxonMobil and Chevron have reported staggering profit growth in their latest quarterly earnings reports, but their CEOs seem more interested in spinning excuses than offering relief.
Exxon's Darren Woods is particularly candid about the lack of hope for near term price drops, telling CNBC that "I wouldn't hold my breath here in the short term" for consumers.