Oil companies report more than $130 billion in profits during Iran war

Conflict · First reported 30 Oct, 10:35 · Updated 11:39

Image: Wikimedia Commons · NASA Johnson Space Center · Public domain

More than 50 major U.S. oil and gas companies earned over $130 billion in profits from April through September, nearly three times their total for the same period a year earlier, according to the reports. The coverage links the gains to disrupted fuel supplies and higher prices at the pump, while noting industry and White House comments on supply and consumer costs.

More than 50 major U.S. oil and gas companies earned over $130 billion in profits between April and September, nearly three times the amount reported for the same period a year earlier.
The reports connect the profits and higher fuel prices to disruption of oil shipments through the Strait of Hormuz after the Iran war began on Feb. 28.
The New York Post reports that U.S. gasoline averaged $4.20 a gallon, up from $2.98 before the conflict; it also relays a White House statement that the administration’s priority is lowering prices.

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Key facts

Reported profits: Over $130 billion
Period: April through September
Prior-year comparison: Less than $47 billion in the same period
U.S. gasoline average reported: $4.20 per gallon, versus $2.98 before the war
U.S. diesel average reported: $6.32 per gallon, versus $3.68 before the war