Oil Giants Post Record Profits as US Drivers Face Highest Gas Costs in History

Key points

• ExxonMobil reported $15.4 billion in Q3 profit, more than double the year-ago figure, while Chevron’s adjusted earnings jumped 186% to $10.4 billion.
• The national average for gasoline hit a record $4.12 per gallon in Q3, up 96 cents from a year earlier, according to AAA.
• US households have paid an average of $1,184 more on fuel since the start of the Iran war, per Moody’s Analytics.
• President Trump’s oil and gas holdings grew by up to $35.8 million in the first half of 2026, with 94% of purchases occurring after the war began.
• The G7 agreed to release 100 million barrels of oil and fuel products to stabilize markets, following a previous 426-million-barrel release by the IEA.

Background

Fuel prices have remained volatile since the US-Iran conflict began, with earlier reports noting gasoline reaching $4.44 per gallon and diesel hitting record highs. In September, the G7 coordinated reserve releases to mitigate supply disruptions caused by the war and reduced refining capacity. Trump previously faced criticism for boasting about oil profits while gas prices surged, a stance the White House defended as highlighting national security and wealth generation.

How outlets are covering it

CNN emphasizes the disconnect between corporate profits and consumer pain, highlighting Trump’s personal financial gains and the political risk ahead of midterms. AP News focuses on operational details, noting record production in Guyana and the Permian Basin, as well as the G7’s planned reserve releases. Yahoo Finance highlights the explosion in refining margins, with Exxon’s margins tripling year-over-year, and notes global protests over fuel costs. Democrats argue Trump’s stock purchases were timed to benefit from the war, while the White House insists his portfolio is managed independently with no conflicts of interest.

Why it matters

Record oil profits and soaring fuel costs create a political dilemma for the administration ahead of midterms. High prices are straining household budgets and agricultural operations, while the administration frames the situation as a sign of US energy strength. The divergence between corporate earnings and consumer affordability may influence voter sentiment in November.

What to watch

Analysts forecast full-year record profits for Exxon and Chevron. The G7 is set to release 100 million barrels of fuel in the coming weeks. Congress is expected to continue debating the US-Russia diesel deal, which critics say violates existing laws. Oil prices may remain volatile as the Iran war continues and global refining capacity stays constrained.