How US oil firms profit $130bn from Iran war as household bills surge
Summary
A New York Times estimate says 51 large U.S. oil and gas companies earned more than $130 billion in profits from April through September during the war with Iran, compared with less than $47 billion in the same months of 2025. At the same time, a Brown University analysis estimates that Americans paid an extra $150 billion for gasoline and diesel since the war began on February 28.Key Facts
- The estimate covers 51 large U.S. oil and gas companies from April through September.
- The companies earned more than $130 billion in that six-month period, according to the New York Times estimate.
- In the same period in 2025, the companies earned less than $47 billion.
- A Brown University analysis estimates that Americans spent an extra $150 billion on gasoline and diesel since February 28, or more than $1,150 per household.
- ExxonMobil and Chevron reported profits ranging from $10 billion to $15 billion, the article says.
- Valero Energy's third-quarter profit rose more than sixfold to $6.83 billion.
- Phillips 66 reported quarterly net income of $5.62 billion, up from $133 million a year earlier.
- The article says damage to refineries and disruption to Strait of Hormuz shipping tightened fuel supplies and raised profits for U.S. producers and refiners.
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