High Fuel Costs Are A Cautionary Tale Against Extreme Climate Policies

High Fuel Costs Are A Cautionary Tale Against Extreme Climate Policies

Share to Linkedin Gas prices continued to hit fresh record highs in the U. S. last week, just ahead of the busy summer travel season. Higher fuel costs make an impact on every part of the economy, from commuters to families planning their summer road trip to companies shipping goods. It's not all doom and gloom, though. Due to stratospheric oil and gas prices, energy stocks have been the one bright spot in an otherwise dour market this year. Through the end of May, the S&P Oil & Gas Exploration & Production Index gained an incredible 60%, compared to the S&P 500, which fell about 13%. A number of oil companies, including Shell and Exxon Mobil, reported record profits in the first quarter, and by the end of this year, they're projected to post record annual profits. According to estimates made by Rystad Energy, publicly traded exploration and production companies are on track to generate an unheard-of $834 billion in free cash flow (FCF) in 2022. That would represent an increase of nearly 70% over last year. No one likes high gas prices, and I sincerely doubt anyone hopes they will persist indefinitely. On the other hand, think of this