Home · Politics · Oct 31 archive
U.S. Oil Industry Reaps $130 Billion in Profits During Iran War
· Confirmed
In Short: The U.S. oil and gas industry has earned over $130 billion in profit since the start of the war with Iran, according to a new report.
The U.S. Oil and gas industry has earned over $130 billion in profit since the start of the war with Iran, according to a new report by Democrats on the Congressional Joint Economic Committee. President Trump has highlighted the substantial profits made by the oil industry, noting that his personal holdings in oil and gas have also increased significantly, now worth between $22.5 million and $81.6 million, compared to $12.6 million to $46 million at the end of 2025.
Sen. Maggie Hassan of New Hampshire, the top Democrat on the Joint Economic Committee, said, 'Trump's Iran War has forced Americans to pay much more at the pump while Big Oil rakes in profits and the president's own stock wealth in the oil and gas industry continues to balloon.'
In August, Mr. Trump called out ExxonMobil and Chevron by name for making 'too much money' on fuel profits. However, he added that his advisers told him not to mention how much money the oil and gas industry is making from the chaos in the Middle East.
ExxonMobil’s profits doubled over the same period last year, while Chevron’s grew by 180 percent. BP, another large oil company, reported its profits reached an 18-year high. These companies earned less than $47 billion collectively during the same period in 2025, a challenging stretch when oil was cheaper and companies were navigating the early fallout from President Donald Trump’s trade war.
A gallon of gas was priced at $4.20 Friday, marking the third straight month that the average price has stayed above $4, according to motor club AAA. The war with Iran has been very lucrative for American oil companies, which have earned more than $130 billion in profit as people pay much higher prices for gasoline, diesel, and other fuel.
President Trump has boasted about the oil industry's profits, noting that his personal holdings in oil and gas have also increased significantly. 'Our country is making hundreds of billions of dollars because of what’s happened in the Middle East, because they’re coming to Texas, and they’re coming to Oklahoma, and they’re coming to Louisiana and they’re taking that oil,' he said at an October 24 campaign event in Georgia.
The report by Democrats on the Congressional Joint Economic Committee highlights the stark contrast between the oil industry's profits and the financial strain on American consumers. 'The higher fuel prices clearly put real pressure on families and businesses, and the most meaningful response that we can make to higher global commodity prices is to pull every lever available to us to increase supply,' Exxon CFO Neil Hansen told The Wall Street Journal Thursday.
What's confirmed
- "Trump's Iran War has forced Americans to pay much more at the pump while Big Oil rakes in profits and the president's own stock wealth in the oil and gas industry continues to balloon," said Sen. Maggie Hassan of New Hampshire, the top Democrat on the Joint Economic Committee.
- In August, Mr. Trump called out ExxonMobil and Chevron by name for making "too much money" on fuel profits.
- The nation’s top 50 oil companies have combined for more than $130 billion in profit since the start of the war.
- Log in or become a member October 30, 2026 · 7:20 am ET · Leave a Comment “The war with Iran has been very lucrative for American oil companies, which have earned more than $130 billion in profit as people pay much higher prices for gasoline, diesel and other fuel,” the New York Times reports.
- According to quarterly earnings reports released on Friday, ExxonMobil’s profits doubled over the same period last year, while Chevron’s grew by 180 percent.
- BP, another large oil company, reported its profits reached an 18-year high.
- ExxonMobil and Chevron, the nation’s two largest fossil fuel corporations, saw profits surge.
What's still developing
- Filers are only required to report transaction ranges, not specific amounts.
- As drivers across the country grimace at gas prices, the U.S.’s leading oil companies posted huge profits.
- The blockbuster oil profits this year highlight long-standing concerns about who gains, and who pays the price, when wars interrupt the flow of energy.
- With fewer refineries available to meet global demand, profit margins soared for those that remain online.
- 28, according to an analysis by Brown University’s Climate Solutions Lab.
- Related Articles Shoe Industry News Nike's Weak First Quarter Report Ripples Across Footwear Sector Financial Shein Faces Tariff Squeeze as First-half Profit Falls 55.6% Adjusted earnings before interest, taxes, depreciation and amortization increased 97.7 percent to $246.2 million.
- Profits per diluted share increased to $1.70 from 56 cents a year earlier.
- Adjusted earnings before interest, taxes, depreciation and amortization increased 97.7 percent to $246.2 million, and profits per diluted share increased to $1.70 from 56 cents a year earlier.