From April to September, more than 50 major U.S. oil and gas companies earned over $130 billion from rising fuel prices due to the war in Iran, The New York Times calculated. Over the same period, Americans spent an additional nearly $148 billion on gasoline and diesel, or about $1,130 per household.
The combined profit of these companies was nearly three times higher than the result for the same period in 2025, when they earned less than $47 billion. By comparison, in the second and third quarters of 2022, U.S. oil companies received nearly $140 billion amid the price spike after the Russian invasion of Ukraine.
According to an analysis by the Climate Solutions Laboratory at Brown University in the U.S., over eight months of war in Iran, Americans’ spending on gasoline and diesel rose by nearly $148 billion. That is almost $1,130 per household. The retail price of gasoline has risen 41% since February 28, and diesel fuel by 72%.
In September, the wholesale price of diesel in European and U.S. markets reached $220 per barrel, more than double the level before the war began in February. At the same time, volumes of crude oil shipped out of the Persian Gulf in September–October exceeded prewar levels, although petroleum products from this region are hardly exported.
The Federal Reserve Bank of Dallas estimates that about 10% of global refining capacity has been taken out of operation over the past year. Against this backdrop, the U.S. and European refining businesses benefited from improved profitability.
An additional effect, according to the article, came from Russia’s war against Ukraine: strikes on Russian refineries and oil infrastructure led to a halt in gasoline and diesel exports from Russia, although diesel fuel shipments resumed in the second half of October after Donald Trump’s deal with Vladimir Putin. Phillips 66 Executive Vice President Brian Mandell said on a conference call with analysts on Wednesday that he does not expect any significant easing in the market situation.
The publication also notes that rising fuel prices have intensified Americans’ dissatisfaction and could affect sentiment ahead of the November congressional elections.
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