#uswaroniran — Public Fediverse posts

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Major #OilCompanies reap massive profits as US and Iran fighting drives energy prices higher

By CATHY BUSSEWITZ
Updated 11:11 AM EDT, July 31, 2026

NEW YORK (AP) — "American oil and gas giants raked in massive spring profits while fighting between Iran and the U.S. impeded petroleum shipments and consumers around the world paid more for fuel and confronted shortages.

"The conflict, now in its sixth month, halted most shipping through the Strait of Hormuz, a narrow waterway that previously served as a delivery route for a fifth of the world’s oil and natural gas. With global supplies constrained, prices for Brent crude, the international standard, soared from about $70 to above $100 a barrel for much of March, April and May, and at one point reached $126.

"The money that oil companies accrued between the beginning of April and the end of June could receive extra scrutiny this year. Gasoline, diesel and jet fuel prices climbed sharply during that period, increasing costs for drivers and airline passengers. Supplies ran low in some countries, leading to sporadic fuel rationing in #Australia and government office closures in #Nepal and #SriLanka.

" #ExxonMobil on Friday reported that its second quarter profits doubled to $14.53 billion, boosted by record diesel production. The oil giant, based in Spring, Texas, brought in $116.02 billion in revenue, up 42%.

" #Chevron, based in Houston, nearly quadrupled its profits to $12.07 billion and revenue jumped 56% to $70.06 billion.

"Six of #Europe’s largest oil companies posted combined first-quarter profits of $22 billion, more than 40% higher than last year.

" 'There are constituencies around the world who are having a very good crisis, and the oil producers are one of them,' said Patrick Galey, #FossilFuels lead at #GlobalWitness, a nonprofit organization that investigates environmental issues. 'When you compare that to the hundreds of millions of people who are struggling with #RollingBlackouts, with #ElectricityCurbs, #rationing, waiting in line for #FoodQueues, or the disruption to fertilizers and the potential impact that that has on food prices, we don’t think that it’s a justifiable price for the rest of the world to be paying.' "

Source:
https://apnews.com/article/oil-companies-profits-exxon-chevron-9375fbf8f6f40426f7428e07d54000c7

#USPol #WorldPol #USWarOnIran #EndlessWar #TrumpsWar #BibisWar #BibiIsAWarCriminal #TrumpIsAWarCriminal #BigOilAndGas #Oiligarchy #CorporateCriminals #CorporateColonialism