Big Oil Is About to Announce Stunning Earnings. There Could Be a Political Backlash.

A warning from President Biden could dampen the party atmosphere for Big Oil’s expected third-quarter earnings bonanza.

Biden, who is worried about high gasoline prices, said last week that oil companies should be more focused on increasing oil supplies to bring down prices than on rewarding shareholders. “My message to the American energy companies is this: You should not be using your profits to buy back stock or for dividends,” he said in a speech at the White House. “Not now. Not while a war is raging.”