Brief
US oil majors post $130B profit as gas prices surge during Iran war
Big Oil’s earnings have topped $130 billion since February, as Americans faced record‑high gasoline costs.
By Felo News Desk · Published
U.S. oil companies have posted more than $130 billion in combined profit since the Iran war began in February, according to a New York Times analysis cited by the Independent. The surge in earnings coincides with drivers paying an estimated $147.7 billion extra for fuel, based on Brown University’s Iran‑war energy cost tracker.
Chevron and ExxonMobil alone reported over $25 billion in earnings for July‑August, disclosed in company statements on Thursday. Exxon’s chief financial officer Neil Hanson told the Wall Street Journal that higher fuel prices “clearly put real pressure on families and businesses,” adding that the industry’s response is to increase supply.
Brown University estimates the average U.S. household spent $1,127.65 more on gasoline during the war than in the same period a year earlier. A gallon of gas was $4.20 on Friday, marking the third consecutive month above $4, according to AAA. Patrick De Haan of GasBuddy noted that 2026 has seen more days with average prices above $4 than any previous year.
Public sentiment is sharply negative: a Navigator poll of 1,004 voters found roughly 76 percent disapprove of President Donald Trump’s handling of gas prices, a factor that could affect the upcoming midterm elections. The same poll indicated that Democrats have been viewed more favorably since the war’s start, partly due to the fuel‑price surge.
Key facts
- U.S. oil companies have earned over $130 billion in profit since the Iran war began (independent.co.uk)
- Drivers have paid an extra $147.7 billion for fuel during the war, according to Brown University (independent.co.uk)
- Chevron and ExxonMobil combined earned more than $25 billion in July‑August (independent.co.uk)
- Average U.S. gasoline price was $4.20 per gallon on Friday, the third month above $4 (independent.co.uk)
- 76 percent of surveyed voters disapprove of Trump’s handling of gas prices (independent.co.uk)
Sources
- [1] independent.co.uk — originally reported as “As you paid way more at the gas pump, Big Oil made $135B during the Iran War”
