US oil companies earn more than US$130 billion during the Iran war as fuel bills climb

Fifty-one large US oil and gas companies earned more than US$130 billion from April through September, according to reports, against less than US$47 billion in the same months of 2025.

Extra fuel spending per US household

1,150 US$

Americans have spent an extra US$150 billion on gasoline and diesel since the war began on Feb 28, more than US$1,150 per household, according to Brown University's Climate Solutions Lab.

Latest quarterly profits

• Valero: US$6.83 billion, up more than sixfold
• Phillips 66: US$5.62 billion, a record
• ExxonMobil and Chevron: US$10 to 15 billion

Refiners gained as fuel supplies tightened: Valero's third-quarter profit rose more than sixfold to US$6.83 billion, and Phillips 66 posted a record US$5.62 billion.

Consumers will continue to feel this price pressure unless governments step in.

— Florence Schmit, energy strategist at Rabobank