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U.S. oil firms earn $130B+ as gasoline hits record

By Drooid · Oct 30, 2026 · How we work

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Summary

U.S. oil companies posted record profits as the Iran war lifted fuel prices.
U.S. firms earned over $130 billion in profit from April through September 2026.
ExxonMobil reported $15.4 billion Q3 earnings, more than double 2025 profit.
Average gasoline price reached a quarterly record $4.12 per gallon in Q3.
Navigator poll showed 76% disapprove of President Donald Trump’s handling of gas prices.

Summary

ExxonMobil will raise U.S. distillate output by 100,000 barrels per day through refinery upgrades.
Chevron aims to boost Pascagoula refinery capacity by 7% by 2030, CFO Bonner says.
Exxon’s Baytown, Texas complex receives new investment to expand fuel production, CFO Hansen reports.
U.S. Navy escorts tankers through the Strait of Hormuz to keep oil flow despite tensions.

History

In October 1973 OAPEC embargoed the United States over its Israel support, pushing world oil from $3 to $12 per barrel and gasoline up 70%. The shock drove Nixon’s administration to launch the Strategic Petroleum Reserve and spur refinery expansion, a response echoed today as ExxonMobil upgrades lift its Q3 profit to $15.4 billion.

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In October 1973 OAPEC embargoed the United States over its Israel support, pushing world oil from $3 to $12 per barrel and gasoline up 70%. The shock drove Nixon’s administration to launch the Strategic Petroleum Reserve and spur refinery expansion, a response echoed today as ExxonMobil upgrades lift its Q3 profit to $15.4 billion.

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