U.S. oil industry earned over $130 billion during Iran war, NYT analysis
financeOct 30, 202625268
The New York Times found U.S. oil producers and refiners earned more than $130 billion in profit during the Iran war period, nearly three times what those businesses made in the same period in 2025. Americans also spent an estimated extra $147 billion on gasoline and diesel since the war began on February 28, which the Times and other outlets calculated as roughly $1,100 per household. Major companies reported big gains: Exxon Mobil and Chevron posted their highest third-quarter earnings in years, and Valero’s third-quarter profit rose more than sixfold. Valero executive R. Bhullar said excess cash will ‘‘ultimately be directed toward our owners,’’ typically through dividends or stock buybacks. News outlets covering the earnings linked the windfalls to higher fuel prices during the conflict. Coverage also noted political fallout: reporting from CBS News and others said former President Donald Trump and his holdings benefited financially from gains in oil and gas stocks during the same period. The findings have intensified scrutiny of the industry’s profits and of political figures tied to fossil-fuel investments ahead of upcoming elections.
