Since the Iran war began, Americans have spent more than $1,100 extra per household on gas and diesel, while U.S. oil companies have pocketed more than $130 billion in profit.¹
Gas averages over $4 a gallon, up more than 40% since the war began — and at least $5 in California, Hawaii, Nevada and Washington.²
Big Oil profits from April through September were nearly triple a year earlier. Exxon Mobil’s third-quarter profit more than doubled to $15.41 billion. Chevron’s almost tripled. Refiner Valero’s soared more than sixfold.¹
That money isn’t going into more oil or refining capacity. Companies are stockpiling cash, and Valero’s finance chief said the excess will ultimately go to its owners.¹ One Pennsylvania refining CEO, a longtime Trump ally, said the windfall might buy a new corporate plane.¹
We’ve seen this before: Fossil fuel companies exploit crises while families pay more.³ A windfall tax is a higher, one-time tax on massive, unexpected profits from events outside companies’ control — like a war. If you get lucky at the public’s expense, you don’t get to keep the profits.
The Big Oil Windfall Profits Tax Act would make companies like Exxon Mobil and Chevron pay an estimated $33 billion or more a year, returned directly to consumers as rebates.⁴
Sources:
“U.S. Oil Industry Earned Over $130 Billion in Profit During Iran War.” The New York Times, Oct. 30, 2026.
“Tracking U.S., state and county gas prices, in maps and charts.” NBC News. Updated Oct. 31, 2026.
“We Need To Tax the Corporations Cashing In On the Iran War,” In These Times, April 14, 2026.
“As Trump’s War Surges Gas Prices, Whitehouse and Khanna Reintroduce Big Oil Profits Clawback to Provide Relief at the Pump,” U.S. Senate Committee on Environment and Public Works, March 17, 2026.
“Who Could Profit From an Energy Crisis?,” The New York Times, March 3, 2026.