Why ExxonMobil, ConocoPhillips, and Phillips 66 Shares Sank Today

In case you hadn't noticed, gas prices are way up. Since the beginning of 2021, the average price of a gallon of regular gasoline in the United States has risen by more than 52%, hitting $3.42 on Friday, according to data from GasBuddy.com. And over in Washington, D.C., President Biden wants U.S. regulators to take a long, hard look at oil companies to see whether some of that surge is being caused by price gouging.  

Energy investors are bracing for impact. As of 1:40 p.m. ET Friday, shares of ExxonMobil (NYSE: XOM) were down by 4.7%, while ConocoPhillips (NYSE: COP) and its 2012 spinoff Phillips 66 (NYSE: PSX) had lost 4% and 5.3%, respectively.

Image source: Getty Images.

Continue reading

Source Fool.com