US Oil Giants Set for War-Driven Profits Amid Trump's Gas Price Woes
US oil giants ExxonMobil and Chevron are poised to report massive profits on Friday due to the ongoing US-Iran war, which has led to a significant supply shock in the global energy market. The Strait of Hormuz, through which one-fifth of the world's crude oil passes each day, remains closed, causing oil prices to soar.
The second-quarter reports from ExxonMobil and Chevron are expected to reflect the positive impacts on their bottom line from the war. ExxonMobil is projected to report $14.9 billion in quarterly profits, more than double the profit of the year-ago period, while Chevron is forecast to report profits of $11.1 billion, over four times the 2025 level.
The huge oil industry profit increases have generated political blowback, with President Donald Trump lashing out at gasoline prices. In June, Trump directed the Department of Justice to investigate any 'gouging' perpetrated by the industry, and on Thursday, US prices stood at $4.10 per gallon, about 31 percent above year-ago levels.
NGOs including Oxfam have blasted continued fossil fuel investment, citing the urgency of addressing climate change. Oxfam's climate policy lead Mariana Paoli said, 'It's really unfair that when people are suffering, these companies are making huge profits.'