By Salma El-Sakka
U.S. oil companies have reaped more than $135 billion in profits since the start of the Iran war, while American drivers have paid an additional $147.7 billion for fuel, according to analyses by The New York Times and Brown University.
Oil Giants Post Record Profits
The nation’s top 50 oil firms combined for over $130 billion in earnings since the conflict began in late February. Chevron and ExxonMobil alone reported more than $25 billion in combined profits for July and August, the companies announced Thursday. Exxon Chief Financial Officer Neil Hansen told The Wall Street Journal that higher fuel prices pressure families and businesses, and the company is pulling every lever to increase supply.
Drivers Bear the Cost
Brown University’s Iran war energy cost tracker shows U.S. consumers have paid $81.5 billion extra for gasoline and $66.2 billion extra for diesel as of Friday. The average household has spent $1,127.65 more on gas compared with the same period in 2025. The national average price for a gallon of regular gasoline stood at $4.20 on Friday, marking the third consecutive month above $4, according to AAA. GasBuddy analyst Patrick De Haan noted that 2026 has seen more days with average prices above $4 than any year on record.
Political Fallout
Gas prices surged after President Donald Trump launched the Iran war on February 28, which nearly halted oil shipments through the Strait of Hormuz, a chokepoint for 20 percent of global supply. A Navigator poll of 1,004 voters published Tuesday found 76 percent disapprove of Trump’s handling of gas prices. The survey also indicated Democrats have gained favorability since the war began, potentially affecting next week’s midterm elections.
