NEW: Shell Reports Best Quarterly Profits in Four Years Thanks to Trump’s War of Choice in Iran
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Trump is making good on his promise to do Big Oil’s bidding while American families pay the price
Americans have spent $76 billion more at the pump since Trump started his war of choice
Washington, DC – As Trump’s on-again, off-again war of choice spikes gas prices above $4 per gallon for the second time this year, the windfall for Big Oil keeps growing. Today, Shell announced quarterly profits of almost $10 billion, up by 131% since last year. While oil and gas companies rake in billions, a Climate Power and Center for American Progress Action Fund report found that American families have spent $285 more at the pump since Trump took office. Chevron and Exxon, two companies in which Trump owns millions of dollars worth of stock, are set to announce their quarterly earnings tomorrow.
In 2024, Trump gathered his ultra-wealthy donors for a closed-door meeting at Mar-A-Lago where he proposed what he said would be a “deal.” He wanted them to donate a billion dollars to his campaign. And he talked about all the ways a second term would benefit their bottom line. Now, more than a year into his presidency and six months into his war of choice, he’s making good on that promise.
Former Washington Governor Jay Inslee issued the following statement: “Trump and the Republicans are showing voters what corruption looks like: donors get rich, and you get screwed. Oil and gas companies are pocketing billions from Trump’s war while consumers pay more at the pump and the grocery store. This is just a continuation of his corrupt mugging at Mar-a-Lago. Trump is blocking cheaper, more secure clean energy so consumers have no choice but to pay his donors. Trump was thinking of them when he said high gas prices were good for America. So it’s laughable to think he would do anything to stop their gravy train when he’s the one keeping it on the tracks.”
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, Liberty Energy and TotalEnergies have already posted billions in profits — Equinor reported $3.4 billion, up 97% year-over-year, and TotalEnergies, which took a billion taxpayer dollars from Trump to abandon its offshore wind projects, raked in $6 billion.
- Gas prices surpassed $4 per gallon for the second time this year — the first time that’s happened in a single year, ever.
- 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.