Surging Refinery Profits Spur New Scrutiny of Oil’s Future
WHO:
CNBC - President Donald Trump criticized ExxonMobil and Chevron, saying they were making “too much money based on a shortage.”
CNBC - Shell, BP, TotalEnergies, ExxonMobil and Chevron reported increased earnings or margins from refined-products businesses.
CNBC - European Commissioner for Energy and Housing Dan Jørgensen warned of an energy-security “crisis.”
OilPrice.com - Dan Jørgensen and European Commissioner for Defence and Space Andrius Kubilius co-chaired the European Commission’s first High-Level Dialogue with the European oil refining sector.
NPR - Dan Pickering, founder of Pickering Energy Partners, said U.S., Latin American and European producers could sell oil at higher prices because of Middle East supply losses.
NPR - Exxon CEO Darren Woods said the company was maximizing production; Chevron CEO Mike Wirth said the company could help consumers get as much as possible from its systems.
NPR - Shell CEO Wael Sawan said he had expected an earlier high in oil prices to be a “temporal spike.”
NPR - Senator Sheldon Whitehouse (D-R.I.) sponsored a Senate windfall-tax bill. Economist Isabella Weber of the University of Massachusetts Amherst said such taxes could bridge the gap between company profits and what people pay.
WHAT:
CNBC - European natural gas prices exceeded €100 per megawatt-hour, their highest level since Russia invaded Ukraine in 2022.
OilPrice.com - Europe’s clean-energy transition includes renewables supplying roughly half of its electricity mix, compared with about 26% in the United States.
OilPrice.com - The energy shock added more than €100 billion (about $111 billion) to Europe’s import bills.
NPR - Brent crude was trading around $113 a barrel, compared with about $70 before the war began.
CNBC - GasBuddy’s Patrick De Haan forecast that gasoline and diesel prices would be the highest ever on an election day. Gas averaged $4.20 per gallon, nearly 40% above the same period a year earlier; diesel was $6.32 per gallon, up about 70%.
CNBC - During the 2022 U.S. midterm elections, retail gasoline averaged $3.80 per gallon, according to AAA data.
CNBC - Airlines raised fares to cover higher jet-fuel costs; CNBC reported jet fuel was airlines’ largest expense after labor.
CNBC - Chevron reported downstream earnings of $4.9 billion, more than four times its year-earlier result, citing higher refined-product sales margins.
OilPrice.com - Europe has shut about a quarter of its refineries over two decades and cut processing capacity by roughly 10%; EU refineries supply approximately 70% of Europe’s jet fuel and 85% of its diesel.
OilPrice.com - The European Commission’s dialogue considered energy security, industrial competitiveness, defense readiness and short-term responses to conflict-related supply disruptions.
OilPrice.com - The EU plans to revise regulations to improve access to strategic fuel stocks for military operations in exceptional circumstances and develop an industry roadmap for alternative fuels, including biofuels and e-fuels.
NPR - ExxonMobil earned $15.4 billion, Shell $10.8 billion, and Chevron $9.9 billion; together they earned just over $36 billion. Chevron’s earnings rose 180%, while Exxon’s more than doubled and Shell’s nearly doubled.
NPR - U.S. gasoline cost about $1.20 more per gallon than a year earlier; diesel reached a record high and remained close to it.
NPR - Democratic lawmakers introduced bills proposing rebates funded by taxes on windfall profits. Exxon’s Woods had called such taxes “misguided policy.”
WHERE:
CNBC - Refinery closures and supply pressures affect Europe and North America; Ukrainian drone strikes have targeted Russian refineries, while Middle East disruptions affect energy infrastructure and supply chains.
OilPrice.com - Poland, Czechia and Slovakia have urged the European Commission to protect refineries and provide EU upgrade funding. The Strait of Hormuz is a route for LNG supplies affected by Middle East disruptions.
NPR - The Iran war and Ukrainian strikes on Russian refineries have reduced global oil and refining capacity; the U.S. Strategic Petroleum Reserve is at low levels.
WHEN:
OilPrice.com - The European Commission launched the High-Level Dialogue on Wednesday.
NPR - Oil-company earnings were reported during quarterly calls; Pickering said companies were watching developments as they moved into 2027.
WHY:
CNBC - Trump had pledged to cut energy prices by half or more within 12 months of taking office and bring gasoline below $2 per gallon.
CNBC - Trump said rising fuel prices were a “small price to pay” to prevent Iran from acquiring a nuclear weapon.
CNBC - Tight fuel supplies, elevated refining margins and higher crude prices supported oil-company earnings; refinery closures and conflict-related disruptions constrained supply.
OilPrice.com - Europe’s refinery phase-down was driven partly by expectations that green transition policies would reduce gasoline and diesel demand, as well as environmental rules and compliance costs.
NPR - The Iran war disrupted oil supplies, while demand for oil and refined products remained largely unchanged. Falling inventories and uncertainty about how long geopolitical disruptions would last shaped company decisions.
HOW:
OilPrice.com - The EU Emissions Trading System imposes a declining emissions cap and reduces free pollution allowances; the Industrial Emissions Directive requires costly retrofits and ongoing compliance.
OilPrice.com - NATO readiness models call for the ability to deploy and fully supply 100,000 troops within 10 days of a crisis; Kubilius called for expanding the Central Europe Pipeline System.
NPR - Oil companies said they were directing substantial profits to dividends and stock buybacks; Shell’s buyback was among its largest, and Exxon announced its highest-ever quarterly dividend. NPR said the Trump administration temporarily loosened federal rules for dyed diesel and lifted sanctions against Russia to allow more diesel onto the world market.
(UPDATED October 31, 2026 18:59 UTC)
European gas prices topped €100 per megawatt-hour as conflict tightened energy supplies. Oil giants reported soaring profits, drawing criticism from Trump. European officials warned of an energy-security crisis and discussed protecting refineries.
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(UPDATED October 31, 2026 16:01 UTC)
Fuel shortages have boosted oil-company profits, drawing criticism from President Trump. Europe warns of an energy-security crisis as refinery closures and conflict disrupt supplies. Lawmakers propose windfall taxes as companies defend production and payouts.