US oil industry profits $130B during Iran war
The gist
More than 50 large U.S. oil and gas companies earned over $130 billion in profit from April to September 2026.
Americans paid $1,184 more on average for fuel, and Trump's own oil holdings grew.
How it unfolded
- 2025 Apr–SepU.S. oil and gas companies earned less than $47 billion collectively, when oil was cheaper and firms were dealing with early fallout from Trump's trade war.
- Feb 2026Before the war, regular gas averaged $2.87 a gallon, diesel $3.68, and Brent crude was under $75 a barrel.
- Feb 28, 2026The United States and Israel began striking Iran.