Big Oil minted big money as the Iran war delivered American drivers the highest gas prices on record for the third quarter.
The two biggest US oil companies posted huge jumps in profit on Friday. ExxonMobil earned $15.4 billion in the third quarter, slightly more than doubled from what it earned a year ago, while Chevron’s adjusted earnings were up 186%, to $10.4 billion. Analysts forecast both could report record profits for the full year.
Global oil prices are spiking as the US-Iran war drags on, leading to blockbuster profits for oil companies and higher gas prices for US drivers. The national average for gasoline during the third quarter was $4.12 a gallon, according to AAA, up 96 cents from a year ago and the highest on record for the quarter.
High gas prices are a headache for the Trump administration as the midterm election approaches. Many voters are angry about what they pay at the pump. Farmers are also struggling to afford diesel fuel to run their equipment during harvest, and some homeowners are paying record heating oil costs.
US households have now paid $1,184 more on average since the start of the war, thanks to more expensive gasoline, diesel and jet fuel, according to Moody’s Analytics.
Gas under Trump 2.0 is now more expensive than it was under Biden
But last week, President Donald Trump said high profits for the oil industry was a good thing for Americans.
“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 a campaign event in Georgia on Saturday. “We’re making a freaking fortune.”
The White House defended the comments to CNN.
“The President is pointing to the United States’ position as the world’s top producer and exporter of oil,” a White House official told CNN. “By unleashing American energy dominance, he has strengthened our national security and made our country wealthier.”
It’s not just American oil companies cashing in on high oil prices. London-based Shell Oil Thursday reported profit of $12 billion in the third quarter, up 127% from a year earlier.
One group that is definitely getting wealthier is those invested in oil companies, including Trump himself.
ExxonMobil and Chevron shares have both risen 52% so far this year through Thursday’s close, and both rose about more than 1% in premarket trading Friday on the earnings reports.
Democrats on Congress’ Joint Economic Committee last weekend found that, based upon Trump’s financial disclosure documents, his ownership in these companies grew by as much as $35.8 million in the first half of this year, which brings his net oil and gas holdings to as much as $81.6 million. The Democrats also found that 94% of Trump’s 2026 oil and gas purchases occurred after the start of the war.
The White House said there was nothing improper about the returns that Trump made on oil stocks this year, and said the gains reflected the positive stock market performance under his administration that has delivered “real gains for American companies and hardworking families.”
“Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold,” said White House spokesman Davis Ingle. “All investment decisions are made entirely by independent managers. There are no conflicts of interest.”
