Tag: big oil

Big Oil Is Seeing Windfall Profits as Trump’s War on Iran Drives Up Prices

While the U.S. war on Iran is broadly unpopular in the U.S, including among a growing number of Donald Trump voters, at least one of the president’s core constituencies is happy: Big Oil.

The war’s straining of the global oil supply chain has delivered windfall profits to major fossil fuel corporations. The top two U.S. oil companies, ExxonMobil and Chevron, recently disclosed an astounding $26.5 billion in net income during the second quarter of 2026. Top independent U.S. oil refiners like Marathon, Valero, and Phillips 66 are seeing similar explosions in profits. Globally, a Guardian study found that eight of the world’s top oil companies took in more than $90 billion, or “more than $700,000 of profit every minute over the spring quarter.”

The word “oil company” might evoke generic imagery of rigs and refineries. But behind these entities are executives, board members, and top investors who are primary beneficiaries of Big Oil’s war profiteering and who hold commanding power within a fossil fuel power structure that stretches well beyond oil company boardrooms and into Wall Street and the corporate establishment more widely.

Big Oil’s War Profits

ExxonMobil and Chevron are the two largest U.S. oil corporations, together worth around $1 trillion. They are massive integrated fossil fuel companies whose operations span the entire chain of oil and gas production, and who have a presence across virtually the entire world.

In July, the two oil juggernauts together reported $26.5 billion in net income during the second quarter of 2026 — April through June of this year — as “they cashed in on surging crude and petrol prices caused by Donald Trump’s Iran war,” wrote the Financial Times.

Comparisons with last year provide a metric for measuring these enormous returns. In 2025, ExxonMobil reported second-quarter total earnings of $7.08 billion. In 2026, by comparison, that number leapt to $14.53 billion — more than a 105 percent increase, and “its best quarterly profit since Russia’s 2022 invasion of Ukraine caused a surge in oil prices,” according to the Financial Times.

In 2025, Chevron reported second-quarter earnings of $2.49 billion. In 2026, that number skyrocketed nearly four times — 384.7 percent — to $12.07 billion, which is Chevron’s largest quarterly haul ever.

The two corporations’ share prices have also soared compared to last year. On August 10, 2026, ExxonMobil’s share price closed at $159.79 — a 51 percent increase from its closing price of $105.83 on August 11, 2025. Similarly, Chevron’s share price closed at $194.91 on August 10, 2026 — a 27 percent increase from its closing of $153.45 on August 11, 2025.

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69 Years Ago Today, the CIA Conspired with the UK to Overthrow Iran on Behalf of Big Oil

Today marks the 69th anniversary that the west carried out a coup in Iran that destabilized the county by overthrowing the country’s democratically elected leader, Mohammad Mossadegh, and installed a CIA groomed dictator.

What was once considered a conspiracy theory is now a fact as the government has since admitted to carrying out Operation Ajax that was planned by the CIA in conjunction with MI6 in the UK to exploit the Iranian people and steal their oil on behalf of the Anglo-Iranian Oil Company (AIOC) – the British state-owned oil company established in 1908 with this objective in mind and the forerunner of today’s global oil conglomerate BP.

As TFTP reported, the State Department released a trove of documents that give insight into the CIA’s role in the 1953 coup d’état that led to the overthrow of Iranian Prime Minister Mohammad Mossadeq.

Those declassified documents, titled “Foreign Relations of the United States, 1952-1954, Iran, 1951–1954,” provide a notable difference from the State Department’s 1989 version of the coup, which left out any involvement from American and British intelligence.

A memorandum from Director of Central Intelligence Allen Dulles to President Eisenhower, dated March 1, 1953, serves as a reminder that internally, “the elimination of Mossadeq by assassination or otherwise,” was used as a method in repairing ties with Iran, restoring oil negotiations, and stopping a “Communist takeover.”

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Report Finds Oil Giants and Mega Banks Funding Massive Police Presence in Top US Cities

The same industries fueling the climate crisis and disproportionately polluting Black and brown communities across the U.S are bankrolling police foundations, groups which can help militarize local police departments.

That’s according to a new investigation from transparency group Public Accountability Initiative and its LittleSis project.

Authored by Gin Armstrong and Derek Seidman and published Monday, the report singles out actions from fossil fuel giants like Shell and Chevron as well as major utility companies and leading financial institutions.

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