The U.S. oil industry has made more than $130 billion in profit during the Iran war—while normal Americans continue to pay exorbitant prices at the gas pump.
The New York Times reported that the country’s 50 largest oil and gas companies raked in a massive profit from April to September. The $130 billion profit margin eclipses the $47 billion that these companies made during the same six-month period last year. The last comparable economic windfall was after Russia’s invasion of Ukraine in 2022, when the oil and gas industry made slightly higher profits.
American households have spent $1,100 on fuel alone since the war began. That’s an extra $147 billion all together, according to Brown University’s Climate Solutions Lab.
Once again, it is massive corporations that stand to gain the most from violence and conflict.
President Trump said it himself a few days ago.
“And while oil prices are temporarily high … the United States oil and gas business is making hundreds of billions of dollars.... Our country is making hundreds of billions of dollars ‘cause of what’s happened in the Middle East … trillions of dollars,” he told a rally crowd in Georgia on Saturday. “My people said, ‘Please don’t mention that sir, because people are paying a little higher’ ... I said, ‘I don’t give a damn, I’m gonna say it: We’re making a freaking fortune.’”
When the president says “we,” he means Exxon, Chevron, and Valero. Not you.
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