Oil Profits Surge as High Gas Prices Pressure Voters

ExxonMobil’s third-quarter profit more than doubled from a year earlier, while Chevron’s earnings rose by more than 180%, the companies said on October 30. Shell also reported a sharp increase in profit. The results came as oil prices remained high amid the war in Iran and disruptions to fuel supplies and refining capacity.

U.S. gasoline averaged about $4.20 a gallon, roughly 40% higher than a year earlier, putting pressure on households as voters prepare to choose control of Congress. Diesel prices have also climbed, adding costs for farmers and other businesses. Exxon and Chevron said they were running refineries at high levels to supply more fuel.

President Donald Trump has argued that higher oil revenues benefit the country, while also saying gas prices would fall after the conflict with Iran ends. His administration says the United States’ oil production and exports have strengthened national security and made the country wealthier. The administration has taken steps aimed at increasing fuel supplies, but prices have not meaningfully declined.

Democrats have blamed the administration’s decision to launch the war and Republicans’ response for higher prices. They have also called for taxes on exceptional oil-industry profits. The White House has resisted such measures. It said Trump’s investments are handled by independent managers and that neither he nor his family can direct trades.

The earnings reports arrive shortly before the midterms, with inflation and energy costs among voters’ concerns. Exxon and Chevron also announced shareholder returns, including an increased Exxon dividend and a $20 billion stock buyback plan.

Oil Giants Cash In While Families Pay More at the Pump

Oil companies are posting huge gains while households struggle with the cost of fuel. ExxonMobil’s third-quarter profit more than doubled from a year earlier, Chevron’s earnings rose by more than 180%, and Shell also reported a sharp profit increase. Gas averaged about $4.20 a gallon in the United States, roughly 40% above a year earlier.

The war in Iran and disruptions to fuel supplies have helped push prices higher, while voters are heading toward midterm elections focused on inflation and household costs. Diesel increases are also squeezing farmers and businesses. Exxon and Chevron say they are running refineries hard to make more fuel, but prices have not meaningfully fallen.

President Donald Trump has celebrated the country’s oil revenues even as consumers pay more at the pump. His administration says U.S. energy production has strengthened national security and made the country wealthier. But Democrats say Trump’s decision to launch the war helped drive up costs, and they are calling for taxes on exceptional oil profits. The White House has resisted those measures.

The contrast is stark: companies are increasing returns to investors, including Exxon’s higher dividend and a $20 billion buyback plan, while households bear higher fuel bills. The White House says Trump’s investments are controlled by independent managers, not by the president or his family. With energy costs a voter concern, the profits intensify scrutiny of the administration’s choices and its response to the price squeeze.

Oil Profits Reflect U.S. Energy Strength Amid Price Pressures

Strong earnings from ExxonMobil and Chevron show the scale of U.S. energy production as global fuel markets face severe disruption. ExxonMobil’s third-quarter profit more than doubled from a year earlier, Chevron’s earnings rose by more than 180%, and both companies said they were running refineries at high levels to supply more fuel.

The war in Iran and disruptions to oil supplies and refining capacity have pushed up energy costs. Gas averaged about $4.20 a gallon, roughly 40% above a year earlier, and diesel prices have climbed too. Those costs are weighing on households and businesses just before the midterm elections.

President Donald Trump has argued that the country benefits from higher oil revenues. The White House says U.S. production and exports have strengthened national security and made the country wealthier, while the administration has taken steps to increase fuel supplies. Prices have not meaningfully declined, and Trump has said gas costs should fall once the conflict with Iran ends.

Democrats are using the price increases to blame the administration’s war decision and are pushing taxes on exceptional oil profits. The White House has resisted those proposals. It also says Trump cannot control his investments, which are managed independently. The earnings and shareholder returns—including Exxon’s increased dividend and planned $20 billion buyback—come amid global supply pressures, while the election debate turns on both energy costs and the country’s ability to produce fuel.