Big Oil is raking in huge profits. Shareholders like Trump are cashing in. You’re paying for it with high gas prices.

Big Oil Is Raking In Huge Profits as Gas Prices Rise

Healfromzero.com – Big Oil is raking in huge profits while American drivers face record third-quarter gasoline prices. As the war involving the United States and Iran disrupted energy markets, the country’s largest oil companies reported sharply higher earnings and consumers paid more for fuel.

The national average gasoline price reached $4.12 per gallon during the third quarter, according to AAA. That was 96 cents higher than a year earlier and the highest third-quarter average on record. The impact extends beyond commuting, affecting diesel-dependent farmers, households buying heating oil and travelers facing higher jet-fuel costs.

Moody’s Analytics estimates that the typical US household has spent an additional $1,184 since the war began because of increased gasoline, diesel and jet-fuel costs. These expenses arrive repeatedly for families and businesses that depend on transportation and fuel.

Oil Companies Report Higher Earnings

Big Oil is raking in huge gains as crude prices rise. ExxonMobil reported $15.4 billion in third-quarter earnings, more than double its profit from the same quarter a year earlier. Chevron’s adjusted earnings rose 186% to $10.4 billion, and analysts expect both companies could post record annual profits.

Shell, based in London, reported third-quarter profit of $12 billion, a 127% increase from a year earlier. Oil producers can benefit from higher crude prices, though their results also depend on refining margins, production volumes, operating costs and their broader business mix.

For consumers, higher crude prices can put sustained upward pressure on gasoline, diesel and heating-fuel costs. Crude is only one component of the price at the pump, but it remains a major factor in what drivers ultimately pay.

Gas Prices Become a Political Issue

The higher fuel costs have created a political challenge for the Trump administration ahead of the midterm election. Gasoline is more expensive during Trump’s second administration than it was under President Joe Biden, increasing attention on the White House response.

President Donald Trump has described the oil-price environment as an economic advantage for the United States, citing the country’s production and exports.

“Our country is making hundreds of billions of dollars because of what’s happened in the Middle East, because they’re coming to Texas and they’re coming to Oklahoma and they’re coming to Louisiana and they’re taking that oil. We’re making a freaking fortune.”

A White House official said Trump was referring to the United States’ position as the world’s top producer and exporter of oil. The central tension remains clear: Big Oil is raking in huge revenue while households and fuel-dependent businesses absorb higher costs.

Oil Stocks and Trump’s Investments

Through Thursday’s close, ExxonMobil and Chevron shares had each gained 52% this year. Both stocks rose more than 1% in premarket trading Friday after their earnings reports.

Democrats on Congress’ Joint Economic Committee said financial disclosures showed Trump’s ownership interests in the two companies increased by as much as $35.8 million during the first half of the year. The committee valued his oil and gas holdings at as much as $81.6 million and said 94% of his 2026 oil and gas purchases occurred after the war began.

US Gas Price FAQ

Why are US gas prices so high?

Rising global crude prices amid the conflict involving the United States and Iran have contributed to higher gasoline prices. Retail prices can also reflect refining costs, distribution expenses and local market conditions.

What does the $4.12 average mean for drivers?

The $4.12 figure is the national third-quarter average reported by AAA. Prices at individual stations and in different states may be higher or lower than the national average.

Who benefits when oil prices rise?

Higher oil prices can increase revenue and profits for producers, while consumers, farmers, airlines and households using heating oil may face higher fuel-related costs.