More than 50 major U.S. oil and gas companies generated more than $130 billion in combined profits between April and September, nearly triple the less than $47 billion they earned in the same period in 2025. The jump was driven by the rise in energy prices against the background of the war between the US and Israel with Iran and Ukraine's attacks on Russian oil infrastructure. With disruptions of about 10% of global refining capacity, American refiners enjoyed sharply higher profit margins. ExxonMobil and Chevron reported particularly strong earnings in the third quarter, while US consumers faced significantly higher fuel costs. According to Brown University researchers, Americans have spent an additional $147 billion on gasoline and diesel since the Iran war began.

More than 50 major U.S. oil and gas companies generated more than $130 billion in combined profits between April and September, nearly triple the less than $47 billion they earned in the same period in 2025. The jump was driven by the rise in energy prices against the background of the war between the US and Israel with Iran and Ukraine's attacks on Russian oil infrastructure. With disruptions of about 10% of global refining capacity, American refiners enjoyed sharply higher profit margins. ExxonMobil and Chevron reported particularly strong earnings in the third quarter, while US consumers faced significantly higher fuel costs. According to Brown University researchers, Americans have spent an additional $147 billion on gasoline and diesel since the Iran war began.