While Americans Paid $148B Extra on Gas Amid War, Big Oil Made $130B in Profits |
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As Americans have been forced to shell out an extra $148 billion on gas and diesel in eight months of war on Iran, Big Oil has reaped record profits — with U.S. companies having made over $130 billion in profits, a new analysis finds.
According to The New York Times, these profits were spread across 50 large U.S. oil and gas companies. Many of these companies, like Valero Energy, reported their highest-ever quarterly profits in recent months.
The calculation of oil and gas companies’ collective profits between April and September is conservative, the Times notes, and doesn’t include two months of the war.
Even still, $130 billion is nearly three times more than the industry’s profits this time last year. ExxonMobil more than doubled and Chevron nearly tripled profits in Q3 compared to 2025, and both companies are forecasted to potentially make record profits for the full year.
Meanwhile, prices for consumers have not just hit record highs amid the war, but have also sustained an average price above $4 a gallon for a record amount of time.
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