Oil Prices Remain High As Record Profits Are Reported

Oil prices continue their march higher. West Texas Crude traded around $110 per barrel in early Tuesday action, up roughly 4%. This as the war in Ukraine continues, and cases of COVID-19 are increasing across the U.S. and across the globe.

But also in the mix, was news this weekend that Saudi Arabian oil giant Aramco reported an over 80% jump in net profit. That announcement topped analyst expectations and setting a new quarterly earnings record. The company’s net income rose to $39.5 billion in the first three months of the year, up from $21.7 billion over the same period last year.

On the heals of that news, House Speaker Nancy Pelosi sat down with ABC's Goerge Stephanopoulos, promising to bring legislation to the floor this week to combat market manipulation. The Democrat from California said such legislation is a top priority to help offer relief at the pump.

“It's very important to make America independent and self-sufficient so that we're not as dependent on product coming from overseas whether it's because of COVID or whatever else.”

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