Saudi Oil Giant Reports 82 Percent Net Income Increase as Biden Admin Continues to Curb U.S. Oil Production

A Saudi Arabian oil giant on Sunday reported an 82 percent increase in net income for the first quarter of 2022 as the Biden administration continues to curb U.S. oil production.

Aramco celebrated a record quarter, earning $39.5 billion. CEO Amin Nasser said increased exports to Europe amid Russia’s invasion of Ukraine, as well as to Asia, drove profits up. With a market cap of more than $2 trillion recorded last week, the Saudi oil giant is considered a more valuable company than Apple.

In the past five months, President Joe Biden’s Interior Department has kneecapped domestic fuel production, banning large offshore oil and gas leases in Alaska and the Gulf of Mexico. The decisions came as U.S. average gas prices hit all-time highs.

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