Big Oil sees record profits as gas prices hit record high

ExxonMobil and Chevron reported significant increases in profit during the third quarter. ExxonMobil earned $15.4 billion, slightly more than double its earnings from the previous year, while Chevron’s adjusted earnings rose 186% to $10.4 billion.

Global oil prices have surged as the US-Iran conflict continues, contributing to record-high gas prices in the United States. The national average for gasoline during the third quarter was $4.12 per gallon, up 96 cents from a year ago and the highest for the quarter.

US households have spent an additional $1,184 on average since the start of the war, due to higher prices for gasoline, diesel, and jet fuel, according to Moody’s Analytics. Farmers and homeowners are also facing increased costs for fuel.

President Trump stated that high profits for the oil industry are beneficial for Americans, claiming that the Middle East conflict has led to increased oil production in the United States. The White House defended the remarks, stating that the president’s comments reflect the country’s position as the world’s top oil producer.

Shell Oil, a London-based company, also reported a $12 billion profit in the third quarter, up 127% from the previous year. Trump’s financial disclosures show his oil and gas holdings increased by $35.8 million in the first half of the year, with 94% of his 2026 purchases occurring after the war began.

The White House maintains that Trump’s financial gains from oil stocks are not improper, attributing them to market performance under his administration. A White House spokesperson stated that all investment decisions are made independently and there are no conflicts of interest.