Big Oil rakes in over $130B in profits as soaring gas prices squeeze consumers amid Iran war

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...