US Oil Companies Earn $130 Billion in War Windfalls

United States oil and gas companies earned more than $130 billion in profits between April and September 2026, a significant increase from the $47 billion reported during the same period in 2025. This windfall followed the launch of a US-Israeli war against Iran on February 28, which triggered a massive supply-side shock through a blockade of the Strait of Hormuz and Iranian missile attacks on nonmilitary infrastructure in Gulf Cooperation Council states.

Donald Trump attributed high fuel prices to the war in Ukraine and suggested that easing sanctions on Russia could lower diesel costs. While firms such as ExxonMobil, Chevron, Valero Energy, and Phillips 66 capitalized on tighter fuel supplies and higher crude prices, US consumers spent an additional $150 billion on petrol and diesel, averaging over $1,150 per household.

Specific corporate gains included record quarterly net income of $5.62 billion for Phillips 66 and a sixfold profit increase to $6.83 billion for El Paso Holdco LLC. Democratic Representative Jim McGovern criticized the economic burden on citizens, stating that consumers are not making a fortune but are instead paying one.