American oil and gas giants have reported significant profits in the spring due to the conflict between the US and Iran, which has driven energy prices higher. Exxon Mobil, for example, doubled its second-quarter profits to $14.53 billion, a 105% increase from the same time last year. Chevron also saw its profits nearly quadruple to $12.07 billion, a 385% increase from the same quarter last year.

Impact on Consumers

The increase in energy prices has had a significant impact on consumers, with the average price of regular gasoline reaching $4.10 per gallon, about $1 more than the cost at this point last year. Refineries have also seen significant profits, with some enjoying historically high ‘crack spreads,’ which is the profit refineries expect to make based on the prices of oil and products such as gasoline and jet fuel.

Lawmakers have proposed taxing major oil producers for their war windfalls, with Democrats in Congress introducing bills to tax major oil producers for profits they show from 2026 onward and redistribute the tax proceeds to consumers. The conflict between the US and Iran has resulted in higher energy prices, and consumers are feeling the impact.

Original reporting: KTBS 3 (Shreveport) — read the source article.