American oil companies have earned over $130 billion in profit during the war with Iran, driven by soaring fuel prices. The analysis covers more than 50 major U.S. oil and gas producers and refiners from April to September, excluding March and October. Americans have spent an extra $147 billion on gasoline and diesel since the conflict began on February 28, equating to more than $1,100 per household. U.S. refiners have benefited the most due to damage to Middle Eastern and Russian refineries, leading to higher profit margins.
Companies like Exxon Mobil and Chevron reported record third-quarter earnings, with profits more than doubling and tripling, respectively. Despite the windfall, companies are focusing on debt reduction and shareholder returns rather than new investments. U.S. oil prices averaged around $90 a barrel during the period, compared to roughly $100 in 2022.
Source: New York Times Top Stories · Summarized by HeadlinesBriefing