Hinson-Backed Iran War Fuels Billions in Big Oil Profits at the Expense of Iowans Paying More at the Pump
Washington Post: “Big Oil Companies Reap Billions Off the Iran War”
Iowa Independent: “Iran War Has Already Cost Households in Iowa $516 in Higher Gas Prices”
DES MOINES – New reports show massive oil companies are raking in a “surge of corporate profits” thanks to the Hinson-backed Iran war while Iowans are stuck paying nearly $1 more for gas than they did a year ago. Hinson has voted to support the Iran war six times.
The “blockbuster earnings” for Big Oil included a “9.8 billion windfall” for Shell. ExxonMobil netted $14.5 billion, “more than double for the same quarter last year,” while Chevron reported $12 billion in earnings last year, “the firm’s biggest profit since 2020.”
Missed the report? See below for more key highlights:
Washington Post: As prices rise at the pump, so do oil company’s profits
- Soaring prices for oil and gas triggered by the war in Iran are generating a surge of corporate profits for multinational energy companies, with Shell disclosing early Thursday morning it saw a $9.8 billion windfall between April and June.
- The profit is double Shell’s earnings for the same quarter last year.
- With a resolution to the war continuing to elude the White House, analysts warn drivers will continue to pay high prices at the pump for the foreseeable future.
Washington Post: Big oil companies reap billions off the Iran War
- Oil companies have delighted Wall Street this week by reporting multibillion-dollar windfalls in their earnings statements, with ExxonMobil and Chevron on Friday reporting a combined $26.5 billion in profits during the second quarter of the year.
- Exxon and Chevron early Friday posted their blockbuster earnings for the quarter that ended last month.
- Chevron disclosed $12 billion in earnings, reflecting a $9.6-billion jump over the same quarter last year and the firm’s biggest profit since 2020.
- ExxonMobil said Friday its earnings were $14.5 billion, more than double what the company reported for the same quarter last year.
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