U.S. Oil Industry Reaps $130 Billion Profit as Iran War Lifts Fuel Prices
Updated
Updated · The New York Times · Oct 30
U.S. Oil Industry Reaps $130 Billion Profit as Iran War Lifts Fuel Prices
3 articles · Updated · The New York Times · Oct 30
Summary
More than 50 large U.S. oil and gas companies made over $130 billion in profit from April through September, a conservative tally that excludes March and October.
Those gains were driven by sharply higher gasoline and diesel prices after U.S. and Israeli strikes on Iran disrupted energy flows and tightened fuel markets.
U.S. refiners benefited especially as hostilities damaged fuel-making plants in the Middle East and Russia, leaving fewer refineries online and pushing margins higher.
The profit surge compares with less than $47 billion in the same 2025 period, while Americans have paid an extra $147 billion for gasoline and diesel since Feb. 28—more than $1,100 per household.