Big Oil raking huge profits as US drivers face costly fuel
ExxonMobil earned $15.4 billion in the third quarter, while Chevron reported adjusted earnings of $10.4 billion as the US-Iran war pushed oil prices higher. US…
ExxonMobil earned $15.4 billion in the third quarter as the US-Iran war drove up oil prices, while US drivers paid a record quarterly average of $4.12 a gallon for gasoline. Big oil raking huge profits has sharpened the contrast between company earnings and higher fuel bills for households.
Chevron reported adjusted earnings of $10.4 billion, up 186%, while ExxonMobil’s profit was slightly more than double its year-earlier result. The higher costs have reached beyond gas stations: households have paid an average $1,184 more for gasoline, diesel and jet fuel since the war began, according to Moody’s Analytics.
How did oil company profits rise?
Global oil prices climbed as the US-Iran war continued, lifting earnings for major producers and refining businesses. ExxonMobil’s $15.4 billion profit compared with $7.5 billion in the year-earlier quarter, according to company figures reported Friday.
Chevron’s adjusted earnings reached $10.4 billion, a rise of 186%. A separate report gave Chevron’s profit as $9.9 billion, compared with $3.5 billion a year earlier. Its results included strong gains in refining, where downstream profits reached $4.9 billion, more than four times the year-earlier level.
ExxonMobil said oil prices averaged around $85 per barrel during the quarter, about a third higher than in the comparable period of 2025. Its refining margins reached $50.3 per barrel, almost three times the year-earlier level, as the company worked to increase output of diesel and other products facing tighter supplies.
“Refining capacity in Russia and the Middle East remained curtailed, with roughly 10 percent of global capacity offline,” ExxonMobil said in prepared remarks. The company added that North American refineries ran at high rates but could not fully offset the reduced global capacity.
ExxonMobil said its US Gulf Coast refineries reached 100 percent crude unit utilization during the quarter. The company described the output push as a response to supply constraints affecting diesel and other key products.
What do higher fuel prices mean for households?
AAA put the US national average gasoline price at $4.12 a gallon during the third quarter, up 96 cents from a year earlier and the highest quarterly average on record. The increase has made driving more expensive while also raising costs for businesses that depend on fuel.
Farmers have struggled to afford diesel for equipment during harvest, while some homeowners are paying record heating oil costs. Higher prices for gasoline, diesel and jet fuel have added an average $1,184 to US household spending since the war began, Moody’s Analytics said.
The pressure extends beyond the United States. Steep price increases and supply shortfalls have sparked protests in parts of Asia, Latin America and Europe, while higher gasoline and diesel costs have soured consumer sentiment in the US ahead of next week’s midterm elections.
Shell reported $12 billion in third-quarter profit, up 127% from a year earlier. The gains show that elevated oil prices have lifted earnings across major producers, not only US companies.
What has the White House said about Trump’s oil investments?
President Donald Trump has defended strong earnings for the oil industry, saying they benefit the country. At a campaign event in Georgia on Saturday, he said: “We’re making a freaking fortune.”
A White House official said Trump was referring to the United States’ position as the world’s top producer and exporter of oil. The administration said its energy policy had strengthened national security and increased national wealth.
Democrats on Congress’ Joint Economic Committee said Trump’s disclosed ownership in oil companies grew by as much as $35.8 million in the first half of the year, bringing his oil and gas holdings to as much as $81.6 million. They also said 94% of his 2026 oil and gas purchases took place after the war began.
White House spokesman Davis Ingle said Trump and his family could not direct or influence how the portfolio was invested. “All investment decisions are made entirely by independent managers. There are no conflicts of interest,” he said.
ExxonMobil and Chevron shares had each risen 52% so far this year through Thursday’s close, while both gained more than 1% in premarket trading Friday after reporting earnings.
