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U.S. officials expect thousands of migrants will try to enter the U.S. as the immigration policy

known as Title 42 ends this week. In downtown El Paso, there are thousands of people sleeping on

the street, primarily outside a Catholic church, within eyesight of the border, and ironically,

a border patrol station. And why backlash is building against a $3 trillion clean energy push.

Plus, what big oil companies sitting on a mountain of cash are doing with it. It's Monday, May 8th.

I'm Ann Marie for Tolly for the Wall Street Journal. This is the PM edition of What's News,

the top headlines and business stories that moved the world today.

Oil and gas companies have built up a mountain of cash with few precedents in recent history,

boosted in large part by Russia's war in Ukraine, which pushed energy prices higher.

The six companies often described as big oil, including shell, BP, Chevron, and Exxon mobile,

have reported nearly $160 billion in cash and cash equivalents across their balance sheets at

the end of the first quarter. So what are they doing with it? Joining me now with more is Wall Street

Journal Energy Market's reporter Dave Uberty. So, Dave, oil companies typically make large profits,

but why are we seeing them making so much cash now?

Well, there's a few reasons. I mean, last year, as you said, there was skyrocketing energy prices

after the war in Ukraine. And while those haven't continued to the first three months of this year,

European companies in particular have made large profits based on their trading arms and US

companies, particularly Exxon and Chevron, have really raked in huge amounts of cash because of

their refining margins in particular. So the interesting situation we have now is they've

...