U.S. Oil Companies Earn $130 Billion Amid Iran Conflict
U.S. oil and gas firms earned $130 billion in profits between April and September 2026 as war with Iran drove global energy prices higher.
Major U.S. oil and gas companies earned over $130 billion in profit between April and September 2026, nearly tripling earnings from the previous year. This windfall followed a war with Iran that began on February 28 after U.S. and Israeli strikes, leading to the partial closure of the Strait of Hormuz and curtailed refining capacity in Russia and the Middle East.
Donald Trump celebrated the industry gains at a Georgia rally, stating that the U.S. oil and gas business is making hundreds of billions of dollars. While integrated firms like ExxonMobil and Chevron reported record third-quarter profits, American consumers faced an estimated $147 billion in additional fuel costs. Democratic lawmakers allege the president's personal wealth increased by $35.8 million through oil and gas stocks since February, a claim the White House denies by stating the portfolio is independently managed.
Global energy firms including Shell, TotalEnergies, and Repsol also posted record incomes. In France, the government urged TotalEnergies to lower consumer prices following the release of strategic diesel reserves. Despite the massive profits, executives at companies like Valero Energy have maintained existing investment plans rather than expanding capacity to lower costs.
