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American oil and gas companies earned more than $130 billion in profit from April through September during the war with Iran, according to an estimate reported by The New York Times on October 30. The total was almost three times their earnings in the same period last year. The newspaper based its estimate on the performance of more than 50 large U.S. oil and gas companies, most of them producers or refiners. Those businesses collectively earned less than $47 billion during the corresponding six months of 2025. The Times described the estimate as conservative: it excludes profits from March, the first month of the war, and October. The figure therefore covers only part of the period in which the conflict has affected energy markets. The earnings increase has coincided with higher costs for fuel buyers. According to a Brown University Climate Solutions Lab analysis cited by the newspaper, Americans had spent an additional $147 billion on gasoline and diesel since the United States and Israel began striking Iran on February 28. The analysis put that spending at more than $1,100 per household. Refiners have benefited particularly strongly, the Times reported. Damage to fuel-making plants in the Middle East and Russia has reduced the number of refineries available to meet global demand, driving up profit margins for facilities that remain operating. The report documents a sharp divergence during the conflict: substantially higher earnings for the companies surveyed alongside increased gasoline and diesel spending by American consumers.
American oil and gas companies earned more than $130 billion in profit from April through September during the war with Iran, according to an estimate reported by The New York Times on October 30. The total was almost three times their earnings in the same period last year. The newspaper based its estimate on the performance of more than 50 large U.S. oil and gas companies, most of them producers or refiners. Those businesses collectively earned less than $47 billion during the corresponding six months of 2025. The Times described the estimate as conservative: it excludes profits from March, the first month of the war, and October. The figure therefore covers only part of the period in which the conflict has affected energy markets. The earnings increase has coincided with higher costs for fuel buyers. According to a Brown University Climate Solutions Lab analysis cited by the newspaper, Americans had spent an additional $147 billion on gasoline and diesel since the United States and Israel began striking Iran on February 28. The analysis put that spending at more than $1,100 per household. Refiners have benefited particularly strongly, the Times reported. Damage to fuel-making plants in the Middle East and Russia has reduced the number of refineries available to meet global demand, driving up profit margins for facilities that remain operating. The report documents a sharp divergence during the conflict: substantially higher earnings for the companies surveyed alongside increased gasoline and diesel spending by American consumers.
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