NEW: BP Rakes in $5.7 Billion in Profits As American Consumers Feel the Pain of Skyrocketing Gas Prices 

Big Oil warned that higher gas prices are here to stay, after announcing billions of dollars in profits in Q2 

Washington, DC – Oil and gas companies keep raking in massive profits, even as they tell American consumers that higher gas prices aren’t going away anytime soon. Today, BP announced profits of $5.7 billion in Q2, more than doubling since last year. In recent weeks, Big Oil companies have made billions of dollars in profits at the same time that gas prices have surpassed $4 per gallon for the second time this year – the first time that’s happened in a single year, ever. In 2024, Trump asked his ultra-wealthy Big Oil donors for a billion dollars for his campaign and promised to make it worth their while. Now, those same companies are cashing in thanks to Trump’s wars – which have been rubberstamped by congressional Republicans: his war of choice in Iran, and his war on clean energy investments here at home.

The profits are rolling in as American families struggle to make ends meet. A recent Climate Power and Center for American Progress Action Fund report found that Trump policies have cost the average American family $2,000, including $285 more at the pump.

Climate Power Communications Director Alex Glass issued the following statement: “Big Oil is getting richer, and congressional Republicans made sure of it — voting to gut investments in cheaper, faster renewable energy and backing Trump’s war of choice in Iran. American families are paying the price at the pump while their own representatives protect Big Oil’s bottom line. That’s not an accident. That’s their plan.”

Oil and gas companies are making billions while working families foot the bill with higher prices on everything from gasoline to groceries: 

• 27 companies raked in more than $40 billion in profit in Q1. In the first two weeks of Q2 reporting alone, companies like Equinor, Chevron and ExxonMobil have already posted billions in profits.  
• Chevron made $12 billion in profits in Q2, up nearly 300% since last year, while Exxon brought in $14.7 billion, doubling their profits since last year and raking in $160 million per day in the last quarter.  
• Last week, Shell announced their best quarterly profits in four years – almost $10 billion, up 131% since last year.
• Combined, Exxon, Shell and Chevron made $404 million in profits every day for the last three months. 
• According to a CBS News poll, 51% of Americans said gas prices are posing a financial hardship or financial difficulty.
• The world’s top oil and gas companies made more than $30 million every hour in unearned profit during the first month of Trump’s war.
• The oil and gas industry spent $450 million to influence Trump and congressional Republicans, including more than $75 million to elect Trump.
• Donald Trump and congressional Republicans started this energy crisis with their attacks on clean energy projects, and accelerated it with their war of choice in Iran. Trump and Republicans in Congress canceled enough projects to power the equivalent of 17 million homes.