Oil Giants Profit as US Fuel Costs Strain Households Ahead of Midterms

WHO:

Al Jazeera - The American Automobile Association (AAA) tracks daily US petrol prices.

CNN - ExxonMobil and Chevron reported earnings; Shell Oil also reported higher profit. Trump holds oil and gas investments, according to Democrats on Congress’ Joint Economic Committee.

Al Jazeera - Naser al-Tamimi, a fellow at the Institute for International Political Studies (ISPI) in Milan, said crude producers benefited from higher oil prices and refiners from tighter fuel supplies.

Al Jazeera - Geoffrey Miller, geopolitical analyst and editor of Gulf States Insights, said the war created a major supply shock and a risk premium US operators could monetize.

Al Jazeera - Florence Schmit, senior energy strategist at Rabobank, said uncertainty could keep energy prices high.

Al Jazeera - White House spokesperson Taylor Rogers defended the US military action; White House spokesperson Davis Ingle said Trump’s portfolio was managed independently.

WHAT:

Al Jazeera - AAA data showed petrol was $3.04 per gallon a year earlier and $2.98 on February 28, when the US and Israel first struck Iran. Diesel prices had peaked at $6.53 per gallon.

Al Jazeera - The average petrol price during President Trump’s second term was set to exceed $3.46 per gallon, surpassing the previous presidential-administration record, according to a Financial Times analysis of federal data.

Al Jazeera - Oil prices fell 6% amid diplomatic efforts; Patrick De Haan of GasBuddy said oil was down about 5% and wholesale gasoline and diesel prices pointed to a roughly 16-cent-per-gallon decline.

CNN - Farmers faced high diesel costs for harvest equipment, while some homeowners were paying record prices for heating oil.

The Washington Post - Gas prices were about 37 cents higher than before the 2022 midterm election, the previous Election Day record.

Al Jazeera - AAA put regular petrol at $4.17 per gallon, down 12 cents from a week earlier and 23 cents from a month earlier. Diesel was $6.29 per gallon, down 6 cents week over week.

CNN - ExxonMobil earned $15.4 billion in the third quarter, more than twice its year-earlier amount; Chevron’s adjusted earnings rose 186% to $10.4 billion. US gasoline averaged $4.12 per gallon in the quarter, 96 cents above a year earlier and a record for that quarter.

CNN - Moody’s Analytics estimated US households had paid an additional $1,184 since the war began because of higher gasoline, diesel, and jet-fuel costs.

Al Jazeera - A New York Times estimate put profits for 51 large US oil and gas companies above $130 billion across six months; they earned less than $47 billion in the same period a year earlier.

Al Jazeera - Brown University’s Climate Solutions Lab estimated Americans spent an extra $150 billion on petrol and diesel, more than $1,150 per household.

Al Jazeera - Valero Energy’s third-quarter profit increased more than sixfold to $6.83 billion; Phillips 66 reported record quarterly profit, with net income rising to $5.62 billion from $133 million.

CNN - ExxonMobil and Chevron shares had each risen 52% year to date through Thursday’s close. Democrats’ analysis said Trump’s oil and gas holdings reached as much as $81.6 million, after growing by up to $35.8 million in the first half of the year.

WHERE:

Al Jazeera - US oil and gas stocks fell in midday trading: ConocoPhillips was down 3.7%, Chevron 2.3%, and ExxonMobil 3.3%; the Nasdaq, S&P 500, and Dow were up 0.7%, 0.6%, and 1%, respectively.

Al Jazeera - The Strait of Hormuz and Bab al-Mandeb were described as disrupted or affected by conflict; the Bab al-Mandeb connects the Red Sea to the Gulf of Aden.

CNN - Trump said oil companies were taking oil to Texas, Oklahoma, and Louisiana.

WHY:

Al Jazeera - Taylor Rogers said more oil was flowing from the Persian Gulf than before the Iran conflict began.

Al Jazeera - Articles attributed higher energy costs and oil-company gains to the US-Israel war on Iran, disrupted shipments, damage to energy infrastructure, and tightened fuel supplies.

Al Jazeera - An Associated Press-NORC poll found 78% of Republicans and 89% of Democrats said addressing cost-of-living issues should be a congressional priority.

HOW:

Al Jazeera - ACLED recorded at least 172 attacks by Iran and Iran-backed groups on nonmilitary infrastructure across the six Gulf Cooperation Council states.

CNN - The White House said independent managers made all investment decisions for Trump’s portfolio, and neither Trump nor his family could direct or influence them.

(UPDATED November 3, 2026 01:07 UTC)

Are you fed up with this yet or what? War-driven supply disruptions raised fuel costs, squeezing households while oil companies profited. ExxonMobil’s quarterly earnings more than doubled, and Chevron’s surged. US gasoline averaged a record $4.12 per gallon that quarter.

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(UPDATED November 2, 2026 22:07 UTC)

Disrupted oil shipments drove energy prices higher, while major oil companies reported sharply increased profits. American households paid billions more for fuel, though recent petrol prices have eased. Democrats questioned Trump’s oil holdings; the White House says independent managers control his investments.