Big Oil cashes in big time

Not at all surprising.

Big Oil companies have begun to release their quarterly earnings. Shell reported (Oct. 31) that it nearly doubled its earnings from the same quarter last year and that Q3 of 2026 was its highest earning quarter since 2022, following Russia’s invasion of Ukraine. Combined earnings with other Big Oil companies — including BP, ExxonMobil, Chevron, and TotalEnergies — are expected to total $53 billion.

Donald Trump and his administration are also personally cashing in on the profits spurred by the war in Iran. A new report from the U.S. Congress Joint Economic Committee found Trump’s personal wealth from oil and gas stocks has grown by as much as $35.8 million.

In response, Mahyar Sorour, Sierra Club Director of Beyond Fossil Fuels Policy:

“Trump called on polluters to finance his campaign as a quid pro quo in exchange for his administration doing all it can to tear down protections for people and the environment. That $1 billion campaign investment is bringing big returns for the biggest oil and gas companies that heeded the call and are now expected to double their Q3 earnings over last year as energy prices skyrocket due to Trump’s war in Iran.” - CleanTechnica