Big Oil's Profits Soar as Iran War Keeps Drivers Paying More at the Pump
Chevron and Exxon said refining drove earnings as U.S. fuel margins averaged about $62 a barrel, according to market data.
- On Friday, October 30, Chevron and ExxonMobil reported combined earnings of more than $25 billion from July to August, with profits driven largely by refining operations that exceeded Wall Street expectations.
- Conflicts in the Middle East and Russia have sidelined about 10% of the world's fuel-making capacity, pushing average U.S. refining profit margins to about $62 per barrel in October.
- American consumers have paid an additional $147 billion for gasoline and diesel since February 28, according to Brown University's Climate Solutions Lab, amounting to more than $1,100 per household.
- Roughly 76 percent of voters disapprove of how President Donald Trump has handled gas prices, according to a Navigator survey, as the issue emerges as a central concern ahead of the November 3 midterm elections.
- While ExxonMobil maintains $20 billion in annual buybacks, analyst Patrick De Haan warns that record profits may turn into significant losses next year if Middle East and Ukraine tensions ease.
51 Articles
51 Articles
The large US oil companies ExxonMobil and Chevron have recorded huge gains while the value of their stock on the stock market has reached a historical level. The massive depreciation of the engine globally is the main reason, on the background of the disruption of refining capacities in Russia and the Middle East, according to CNBC. Chevron shares have recorded an increase in ...
American Oil Companies Nearly Tripled Their Profits During the Iran War as Oil Prices Keep Going Up
American oil companies nearly tripled their profits during the Iran war, a New York Times analysis finds, and ExxonMobil and Chevron both beat Wall Street’s expectations. Households have paid far more for gas and diesel since the fighting began, and the numbers are landing days before the midterms.
Big Oil reaps $56 billion as conflicts send fuel prices soaring
Motorists’ pain at the pump is providing outsize profits for oil supermajors while fanning discontent as President Trump and the Republican Party head into midterm elections that will determine control of Congress.
The upturn in oil profits in the United States is added to similar increases in European companies such as the French company TotalEnergys, the British companies BP and Shell, the Spanish company Repsol and the Italian company Eni. Chevron’s turnover in the third quarter was 67.8 billion dollars, an increase of more than 36% regarding the same period of the previous year, the company said in a statement this Friday. The net profit skyrocketed mo…
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