Big Oil is raking in huge profits. Shareholders like Trump are cashing in. You’re paying for it with high gas prices.
Big Oil is raking in huge profits as US gas costs climb
Earthguardiansonline.com – Big Oil is raking in huge profits while American drivers contend with historically high third-quarter gasoline prices. The prolonged US-Iran war has helped push up global crude prices, boosting earnings for major oil producers while raising costs for households, farmers and businesses across the United States.
The national average price for gasoline reached $4.12 per gallon in the third quarter, according to AAA data. That was 96 cents higher than a year earlier and marked a record for that period. Higher diesel, heating-oil and jet-fuel costs have also added pressure to household budgets and the wider economy.
Moody’s Analytics estimates the typical US household has spent an extra $1,184 since the war began because of more expensive gasoline, diesel and jet fuel. For many families, fuel costs are difficult to avoid when commuting, school runs, errands and essential travel depend on a car.
Oil companies benefit from higher crude prices
Big Oil is raking in huge earnings as higher oil prices increase the value of petroleum sold by producers. ExxonMobil reported third-quarter earnings of $15.4 billion, slightly more than double its profit from the same period a year earlier. Chevron’s adjusted earnings rose 186% to $10.4 billion.
Shell reported third-quarter profit of $12 billion, up 127% from a year earlier. ExxonMobil and Chevron could deliver record full-year profits if market conditions continue.
The connection between oil prices and pump prices is not exact, since refining, transportation, taxes and local competition also affect gasoline costs. Still, crude is a major part of the price drivers pay, meaning a global supply shock can quickly make fuel more expensive in the United States.
Trump promotes US energy production
President Donald Trump has described rising US oil production and exports as an economic advantage. At a Georgia campaign event on Saturday, Trump said the United States was benefiting financially from developments in the Middle East.
“Our country is making hundreds of billions of dollars because of what’s happened in the Middle East, because they’re coming to Texas and they’re coming to Oklahoma and they’re coming to Louisiana and they’re taking that oil,” Trump said. “We’re making a freaking fortune.”
A White House official said Trump was referring to America’s position as the world’s leading oil producer and exporter. The official said expanded domestic production strengthened national security and increased the country’s wealth.
But strong production does not shield US consumers entirely from international oil markets. Big Oil is raking in huge revenues in a global pricing system, while drivers can still face higher costs when overseas conflict disrupts supply expectations.
Investors gain as consumers pay more
The rally has also rewarded shareholders. Through Thursday’s close, ExxonMobil and Chevron shares had each climbed 52% this year. Both stocks rose more than 1% in premarket trading Friday after the companies released earnings.
Trump is among investors with oil and gas holdings. Democrats on Congress’ Joint Economic Committee said his financial disclosure documents showed that his ownership in the sector increased by as much as $35.8 million during the first half of the year, bringing his total oil and gas holdings to as much as $81.6 million.
The committee said 94% of Trump’s oil and gas purchases in 2026 were made after the war began. The White House rejected suggestions of wrongdoing, saying the investment gains reflected a strong stock market and benefited American companies and working families.
“Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold,” White House spokesman Davis Ingle said. “All investment decisions are made entirely by independent managers. There are no conflicts of interest.”
FAQ: What higher fuel prices mean for US households
Why are gasoline prices rising? Gasoline prices are influenced heavily by crude oil prices. When global conflict raises concerns about oil supply, the cost of crude can rise and eventually be reflected at US fuel stations.
Does US oil production guarantee lower gas prices? No. Although the United States produces and exports large amounts of oil, crude is traded globally. Domestic drivers can still pay more when international market conditions push prices higher.
Why do oil-company profits rise when fuel costs rise? Producers can earn more when the price of crude oil increases. That can create a sharp contrast between record corporate earnings and the higher fuel bills facing consumers.
As long as the conflict and elevated crude prices persist, Big Oil is raking in huge profits while high fuel costs are likely to remain an important economic and political concern for US consumers.
