Trump criticized Big Oil's profits. Here's how refining profits surged
Major oil companies are reporting significantly higher refining margins due to global supply constraints and geopolitical conflicts. This trend persists despite criticism from political figures regarding high corporate profits during periods of energy insecurity.
Why it matters
It explains the economic drivers behind rising fuel costs and the disconnect between corporate windfall profits and consumer energy prices.
President Donald Trump scolded Big Oil in August , saying ExxonMobil and Chevron were making "too much money based on a shortage," as profits surged in the wake of the U.S.-Israeli war with Iran.
Corporate results published this week laid out the windfall oil majors are continuing to get from tight fuel supplies and elevated refining margins amid global conflict.
Shell , BP , TotalEnergies and Exxon reported sharply higher margins in their refined-products businesses , a gauge of the amount they earn from processing crude oil into gasoline, diesel and jet fuel.
Chevron does not report a comparable, standalone refining-margin figure, but it reported Friday that its downstream earnings more than quadrupled from a year earlier to $4.9 billion, with the company citing higher margins on refined-product sales.
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