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Big Oil’s Profits Soar as Iran War Keeps Drivers Paying More at the Pump
Chevron and ExxonMobil said refining and fuels margins drove gains, while U.S. gas averaged $4.20 a gallon, AAA said.
- On Friday, America's two largest oil companies reported massive third-quarter earnings: Chevron generated $9.9 billion, while ExxonMobil posted $15.4 billion, more than double its year-earlier profit.
- Refining and fuel businesses drove these windfalls, with Chevron's refining profits jumping more than 300% to $4.9 billion, as global capacity remains squeezed by Ukrainian drone strikes on Russian refineries.
- Moody's Analytics estimates the average U.S. household has paid $1,184 more for fuel since the war began, while the national average for regular gas stands at about $4.20 a gallon.
- Exxon CEO Darren Woods acknowledged the toll on consumers, citing a 2023 refinery expansion in Beaumont, Texas, while the company announced $20 billion in share buybacks for 2027.
- Chevron Chairman and CEO Mike Wirth described a market "still on edge" with fragile conditions, while GasBuddy analyst Patrick De Haan warned record profits could turn into significant losses next year.
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By Chris Isidore and Matt Egan, CNN The big oil companies made a lot of money while the conflict with Iran caused U.S. drivers to pay the highest gasoline prices ever recorded in a third quarter.The two largest U.S. oil companies registered huge increases in their profits this Friday.ExxonMobil won US$15,400 million
·Panama City, United States
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More than 50 major U.S. oil and gas companies have earned more than $130 billion in the six months of the war with Iran, nearly three times more than in the same period last year, a New York Times analysis shows.
·Bosnia and Herzegovina
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Total News Sources23
Leaning Left0Leaning Right1Center20Last UpdatedBias Distribution95% Center
Bias Distribution
- 95% of the sources are Center
95% Center
C 95%
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