News summary: Big oil profit shrinks amid boom

News summary: Oil is abundant and prices are high, but rising costs are nicking Big Oil profit

Associated Press

LOWERING THE BOOM: Oil companies are taking in around $100 for every barrel they produce, but profit and production at the world's biggest oil companies are slumping badly. Exxon Mobil, Shell and BP posted disappointing earnings. Chevron is expected to post lower profit Friday.

PRICEY PETROLEUM: The cost to get newfound oil from remote locations rising. It takes years and billions of dollars to get big new production projects up and running.

HIGHER OIL PRICES? Oil prices may have to rise to convince oil companies it's worth continuing to aggressively explore new fields. That could raise fuel prices for consumers.

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