Big Oil is raking in huge profits. Shareholders like Trump are cashing in. You’re paying for it with high gas prices. - CNN
Major oil companies like ExxonMobil and Chevron are reporting record profits amid high gas prices caused by the ongoing US-Iran war. While consumers face increased costs, the Trump administration defends the industry's performance as a sign of American energy dominance.
Why it matters
The intersection of record corporate profits and high consumer costs is a major political issue ahead of the midterm elections.
Big Oil minted big money as the Iran war delivered American drivers the highest gas prices on record for the third quarter. The two biggest US oil companies posted huge jumps in profit on Friday. ExxonMobil earned $15.4 billion in the third quarter, slightly more than doubled from what it earned a year ago, while Chevron’s adjusted earnings were up 186%, to $10.4 billion. Analysts forecast both could report record profits for the full year. Global oil prices are spiking as the US-Iran war drags on, leading to blockbuster profits for oil companies and higher gas prices for US drivers. The national average for gasoline during the third quarter was $4.12 a gallon, according to AAA, up 96 cents from a year ago and the highest on record for the quarter. High gas prices are a headache for the Trump administration as the midterm election approaches.
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