The ongoing conflict with Iran has proven highly lucrative for American energy firms, which have accumulated more than $130 billion in profits as consumers face significantly higher costs for gasoline, diesel, and other fuels. This figure represents a conservative estimate derived from the performance of over 50 major U.S. oil and gas companies, primarily producers and refiners, during the six-month window from April through September. The calculation excludes earnings from March, the first month of the war, as well as October.
In stark contrast, these same companies collectively earned less than $47 billion during the corresponding period in 2025. That previous timeframe was marked by lower oil prices and economic challenges stemming from the early repercussions of President Trump's trade war. The dramatic increase in profits this year underscores persistent concerns regarding the distribution of gains and costs when military conflicts disrupt global energy supplies.
According to an analysis by Brown University’s Climate Solutions Lab, Americans have spent an additional $147 billion on gasoline and diesel since the United States and Israel initiated strikes against Iran on February 28. This extra expenditure translates to more than $1,100 per household. While the industry as a whole has benefited, U.S. refiners have seen particularly strong gains. Profit margins for these companies have soared because fuel-making plants in Russia and the Middle East have suffered significant damage from hostilities, leaving fewer refineries available to meet global demand.
Sources: The New York Times Business.