Oil Majors Reap Billions as US Gas Prices Soar

Oil companies Chevron and ExxonMobil have reported significant profits despite rising gas prices for American drivers. The two firms' collective second-quarter profits exceeded $26 billion, with Chevron's earnings more than five times higher than in 2025, and ExxonMobil's profits nearly double that of the same period last year.

The national average price of regular gas has increased by $1 per gallon since this time last year, while diesel fuel prices have risen by $1.61 over the same period, according to the American Automobile Association (AAA). The Strait of Hormuz, a key waterway for oil transportation, has been disrupted since the beginning of the war in Iran.

The increased costs have led to higher prices for oil producers, allowing them to sell their products at elevated rates. Oil refineries owned by Chevron and ExxonMobil have also seen unusually large profits from refining crude oil since the start of the war.