Chevron's Second-Quarter Profits Plunge

Chevron Corp. reported a 71 percent drop in quarterly profit Friday. Exxon and Shell announced Thursday that their profits had dropped by two-thirds. One concern is that if companies pull back on exploration and production, there could be supply shortages and higher prices down the road.

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LINDA WERTHEIMER, host:

Many drivers are noticing higher gas prices. And oil prices have been rising. Oil is now about $67 a barrel. That is still nowhere near last year's highs, and oil companies are feeling the pain from falling energy prices. Today, Chevron reported a 71 percent drop in quarterly profit. Yesterday Exxon and Shell said their quarterly profits dropped by two-thirds. One concern is that if companies pull back on exploration and production, there could be supply shortages, and that could certainly mean higher prices down the road.

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