Big Oil companies have begun releasing their quarterly earnings reports, revealing significant financial gains driven by current geopolitical conditions. Shell announced today that its earnings for the third quarter of 2026 nearly doubled compared to the same period last year. This marks the company's highest earning quarter since 2022, following Russia's invasion of Ukraine.
When combined with results from other major industry players including BP, ExxonMobil, Chevron, and TotalEnergies, total earnings for the sector are expected to reach $53 billion. These profits coincide with a new report from the U.S. Congress Joint Economic Committee, which found that Donald Trump's personal wealth derived from oil and gas stocks has increased by as much as $35.8 million. The report attributes these gains to profits spurred by the ongoing war in Iran.
Mahyar Sorour, Director of Beyond Fossil Fuels Policy at the Sierra Club, responded to the financial data by linking the corporate windfalls to political campaign financing. Sorour stated that Trump encouraged polluters to fund his campaign in exchange for dismantling environmental protections. According to Sorour, a $1 billion investment from these companies is now yielding substantial returns as energy prices rise due to the conflict in Iran.
Sorour further criticized the administration's priorities, noting that while Americans struggle financially, the president and major oil corporations are profiting significantly. The Sierra Club director called for measures to curb profiteering by Big Oil and Gas, specifically advocating for the enactment of a windfall profits tax.
Sources: CleanTechnica.