More than 50 major US oil and gas companies have raked in over $130 billion in total profits during the ongoing Iran war as soaring gasoline and diesel prices squeeze consumers.
That six-month haul, recorded between April and September, was nearly three times what the companies earned during the same period last year, when profits totaled less than $47 billion, according to a New York Times analysis.
The conflict, which began Feb. 28, severely disrupted oil shipments through the Strait of Hormuz, a critical waterway that previously handled the equivalent of roughly one-fifth of global oil consumption.
Oil shipments through the Persian Gulf recently surpassed prewar levels, according to the Wall Street Journal, though that supply boost is yet to ease costs at the pump.
ExxonMobil, Chevron, BP, Shell and TotalEnergies together posted $56.3 billion in adjusted third-quarter net income, with each company beating Wall Street forecasts, Bloomberg reported Friday.
ExxonMobil’s refining business raked in a record $9.05 billion in third-quarter profits — nearly five times its year-earlier haul, according to Bloomberg.
Chevron, meanwhile, earned $4.93 billion from refining, fuel marketing and related operations — about quadruple its profit a year earlier and the division’s best quarterly showing on record.
Since the US and Israel launched strikes against Iran on Feb. 28, international oil prices have climbed nearly 60%, according to Bloomberg.
Refineries that remain operational have enjoyed fatter margins as the Iran war and Ukrainian strikes in Russia have knocked roughly 10% of the world’s fuel-making capacity offline, according to the news outlet.
Ukraine recently paused its attacks on Russian oil refineries at the behest of President Trump, who blamed the strikes for high prices.
American motorists are paying an average of $4.20 a gallon for regular gasoline, up from $2.98 before the Iran war began in late February, according to AAA.
Diesel prices, meanwhile, have jumped from $3.68 to $6.32 a gallon over the same period — an increase of $2.64 per gallon, or roughly 72%.
Derek Reisfield, co-founder of MarketWatch, warned that diesel prices could remain elevated because of longstanding constraints on US refining capacity and the difficulty of expanding production.
“There is no short-term fix. This problem has been brewing for a long time,” he told The Post.
Reisfield warned that sustained high oil prices could eventually hurt the industry’s long-term prospects by encouraging investment in alternative energy sources, including nuclear, geothermal, solar and wind power.
“The potential bad news for the oil industry is this capacity gets put in place and reduces the fundamental demand for oil as an energy source over time,” he told said.
Trump singled out ExxonMobil and Chevron in August, urging the companies to return some of their profits to the public and cut retail fuel prices.
“When you look at one company where they made 12 times what they made the year before, they ought to give some of that back to the public,” he told reporters in the Oval Office on Aug. 3.
“And they better cut the retail price, the consumer price.”
The president, described himself as a champion of free enterprise but expressed frustration that the industry’s enormous earnings were coming at consumers’ expense.
“I’m not happy about it,” Trump said at the time.
His tone appeared to shift last weekend when he touted the industry’s booming profits during a rally in Georgia.
“The United States oil and gas business is making hundreds of billions of dollars,” Trump told supporters Saturday.
He also credited the conflict with generating enormous sums for the country, saying his advisers had discouraged him from boasting about the industry’s financial gains.
Asked about the president’s position on the industry’s windfall, White House spokeswoman Taylor Rogers told The Post: “President Trump’s top priority is lowering gas prices for the American people, and he has a proven record of driving prices at the pump down to multi-year lows.
“Once the conflict with Iran comes to an end, gas prices will plummet, and the Iranian terrorist regime will not have a nuclear weapon,” he said in a Friday statement.
“Just as he promised, the President has unleashed American energy dominance and cemented the United States as the world’s top producer and exporter of oil and natural gas.”
Shares of ExxonMobil and Chevron have each surged roughly 52% this year, with both stocks climbing again Friday after the companies reported stronger-than-expected quarterly earnings.
ExxonMobil gained 1.25% to $185.58 in late-morning trading, below its 52-week high of $188.50, giving the company a market value of about $763 billion.
Chevron, meanwhile, rose 1.85% to $235.74, approaching its own 52-week peak of about $236.48, for a market capitalization of roughly $466 billion.
Asked for comment, a BP spokesperson referred The Post to comments CEO Meg O’Neill made to investors during the company’s third-quarter earnings call on Friday.
She said refineries were operating near capacity to offset fuel shortages while shipping companies took longer routes and releases from strategic and commercial reserves helped bridge supply gaps.
“I’m proud of the contribution bp is making to keep energy flowing,” O’Neill said, citing the company’s ability to connect oil and gas production with consumers as a source of “strength and resilience” during the disruptions.
The Post has sought comment from Chevron, ExxonMobil, Shell and TotalEnergies.
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