Trump called out Big Oil profits. Here’s how much their refining earnings have surged since
Refinery closures in Europe and North America have added to pressure on refining margins. Oil firms report that they are running their facilities near capacity to meet demand. But 10% of global refining capacity is offline in the Middle East and Russia, according to the International Institute for Energy Studies. The IIE says that this will have to change for the global refining sector to return to normal.
Sources
- https://finance.yahoo.com/energy/articles/exxon-chevron-report-massive-profits-174420392.html
- https://truthout.org/articles/while-americans-paid-148b-extra-on-gas-amid-war-big-oil-made-130b-in-profits/
- https://www.cnbc.com/2026/10/31/trump-big-oil-refining-profits.html
- https://www.ms.now/rachel-maddow-show/maddowblog/trump-oil-gas-industry-profits-stocks-war-iran