Oil industry sees war windfall but girds for political blowback

Oil industry sees war windfall but girds for political blowback

The second-quarter reports from ExxonMobil and Chevron reflect the overwhelmingly positive impacts to the industry's bottom line from the US-Iran war, which has led to an unprecedented supply shock due to the virtual closure of the Strait of Hormuz. But huge oil industry profit increases often generate political blowback. Even Trump, a strong supporter of fossil fuel interests, has lashed out over gasoline prices, announcing in June that he was…