Big Oil and Gas Companies Rake in More Than $40 Billion in Profits in Q1 at the Expense of the American People

27 companies raked in more than $40 billion in profit while Americans have now spent almost exactly that much in extra fuel costs since Trump began his war. 

Trump promised to look out for his Big Oil and Gas donors on the campaign trail, and he is delivering.

Washington, DC – More than 20 of the largest oil and gas companies in the country have now reported their Q1 earnings, and the numbers are stark. Across 27 companies, more than $40 billion in profits have been reported, and much of it comes at the expense of the American people. Since Trump kicked off his war of choice in Iran, consumers have now paid roughly $40 billion more on gasoline and diesel, and despite the war, these companies reported that their profits are up 21% from the $36.7 billion they made in Q4 2025. 

The top 5 earners – Shell, TotalEnergies, ExxonMobil, BP, and Equinor – collectively earned $23.3 billion, a more than 30% increase from the previous quarter. That includes at least nine oil companies that more than doubled their profits year-over-year or quarter-over-quarter, including giants like BP and Shell. While these companies have profited, the average household has now spent over $300 more on gas and diesel. 

Climate Power Communications Director Alex Glass released the following statement: “Donald Trump said the quiet part out loud. He doesn’t think about the financial well-being of the American people. So while Americans are having money siphoned from their pockets at the pump, Big Oil and Gas — who Trump promised would benefit from his presidency — are raking in tens of billions in profits.”

Real people nationwide are now having to pick up second jobs, add hours to their work week, or even cut back on critical medications just to afford to get from point A to Point B. Samantha Lott, a Social Worker in Texas who has been impacted by sky-high gas prices, shared: 

“As a community mental health social worker in North Texas, I am constantly on the road between 20 locations to provide mental health services. Two years ago, I started delivering groceries for Walmart part-time due to the affordability crisis and energy hikes. Recently, because of gas prices, I have increased deliveries to 30–50 hours a week and started donating plasma. I have also cut things that impact my health. I was diagnosed with endometriosis two years ago and am supposed to eat an anti-inflammatory diet, but due to increased food, gas, and tariff costs, I cannot afford healthy food or supplements. My quality of life has steadily declined, and my job did not give us a raise and likely will not this year either.”