MEMO: Big Oil Q3 Earnings Expected to More Than Double Last Year’s Q3 Profits

October 15, 2026

Overview

Some of the largest oil and gas companies are expected to more than double their third-quarter profits from last year thanks to Trump and Republicans’ war in Iran. As Republicans and their ultra-wealthy Big Oil donors make billions in combined profits, Americans have spent $134 billion more at the pump since the start of the war, about $1,021 more per household. Trump and Republicans are bought off by oil and gas CEOs, and they’ve rigged the system to create an energy affordability crisis that benefits themselves and their donors at the expense of working people. Meanwhile, Democrats plan to fight corruption by getting oil and gas money out of politics to lower costs so working families can afford their energy bills and build a good life.

With just 19 days until the midterms, voters have had enough of Trump and the Republicans’ energy affordability crisis and are prepared to hold them accountable at the ballot box in November.

Big Oil and Gas CEOs are pulling in massive profits while Americans face a cost-of-living crisis thanks to Trump and his rubber-stamp Republicans

Trump promised his oil and gas donors he would make it worth their while if they donated a billion dollars to his campaign. Now, thanks to Trump and Republicans’ war in Iran and budget bill, they’ve seen a 142% profit jump and $190B in handouts.
Trump and Republican policies have led to over 400 American domestic clean energy projects being canceled or stalled as they doubled down on oil and gas to benefit their donors. As a result, utility bills have risen 15% nationally and spiked as much as 18% over the past year.
Thanks to Trump and Republicans’ war of choice in Iran, gas prices are sky-high, with diesel surging to over $6 a gallon – the highest price ever in American history.

In 2024, Trump and Republicans promised to cut energy costs in half. Instead, they gutted cheap, reliable clean energy, doubled down on oil and gas, and started a war in Iran – causing energy costs to explode. Just last month, Republicans voted again to continue Trump’s war in Iran, continuing to send gas prices sky-high and Big Oil and Gas profits into the stratosphere. Republicans are Trump’s rubber stamps, and they have let their fossil fuel donors set their agenda — all at the expense of American families.

The Facts:

It’s Not Just Big Oil and Gas Cashing In: Trump and Republicans’ war of choice isn’t just increasing oil and gas companies’ profits; it’s also boosting their own. Trump has made as much as $15.5 million this year alone through investments in Exxon Mobil and Chevron. PA-08 Rep. Bresnahan has made over $134,000 from his investments in oil and gas companies, and NJ-7 Rep. Kean has made over $61,000.
American Farmers, Small Businesses Are Being Squeezed: Thanks to Trump and Republicans’ war in Iran, diesel hit the highest recorded average price ever in September. At over $6 a gallon, it’s an increase of over two dollars from a year ago. Diesel is a primary fuel source for the trucking industry, and many truck drivers are being forced to quit as a result of Trump’s diesel prices. American farmers also rely on diesel to fuel their combines, and high prices in the height of harvest season are squeezing already thin margins.
Trump is Pushing Data Centers to Use More Oil & Gas, Despite Public Opposition: Trump’s data center push is forcing Americans’ utility prices to surge and polluting our air and water, but it’s also padding the pockets of his oil and gas buddies. By advocating to ‘let Data reign’ and ramming through polluting data centers that run on gas-fired power plants and pipelines with virtually zero guardrails, Trump, Republicans, and their Big Oil and Gas donors stand to profit.
Winter is Coming: Trump and Republicans’ reckless war isn’t just causing pain at the pump; it’s driving up the cost of heating oil, too. A recent forecast from NEADA estimates that households that use heating oil to power their furnaces and boilers will pay an average of nearly $2,300 in total this winter — up over $540 as compared to last year.
Taking Out the Competition, Increasing Consumer Costs: Instead of protecting consumers from volatile global markets, Republicans have actively worsened the crisis by sabotaging American clean energy. Republicans voted to rubber-stamp Trump’s most costly moves. Through the first half of 2026, his tariffs, his ‘blockade’ of cheaper American-made solar and wind power, and his failed war on Iran have cost the average family an extra $2,000 since January 2025. And those costs are still piling up.

The Bottom Line

Trump and Republicans betrayed the American people to instead benefit their Big Oil and Gas donors and themselves. They rigged a system to help themselves get even richer while American families pay the price at the pump, on their utility bills, and with their health. As oil and gas companies announce their profits over the next few weeks, it will become clearer than ever that Republicans’ priorities lie with themselves and their billionaire donors, not with the American people. As Election Day nears, voters know Democrats are the only party that will put a stop to Big Oil and Gas’s corruption that is driving up the cost of everything from gas to groceries to utility bills.