Iran War Fuels $10bn Oil Profits, Gas Prices Spike
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- ConocoPhillips reported $2.3 bn profit in Q1 2026, up 84 % from before the Iran war.
- Valero Energy posted $1.2 bn quarterly profit, beating analysts’ expectations.
- U.S. gasoline price rose to $4.52 per gallon, the highest level since July 2022.
- Trump dismissed the price spike as a “very small price to pay” and lifted the Biden‑era LNG export ban, which pushes U.S. gas prices higher.
- Friends of the Earth warned that windfall profits will let big oil fund lobbying to protect Trump‑era policies and stall the energy transition.
Why it matters: Big oil companies pocket billions while U.S. drivers pay record‑high pump prices, and the extra cash fuels lobbying that could block climate‑friendly policies, slowing the energy transition.
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