Gas prices climb as oil companies report soaring profits

WASHINGTON —

Drivers in the United States are paying more at the gas pump today compared to last year, while oil companies like Chevron and ExxonMobil are seeing substantial profit increases.

The two companies reported more than $26 billion in collective second-quarter profits this year. Chevron made five times more than in 2025, while ExxonMobil more than doubled its profits during the same period.

The American Automobile Association (AAA) reported the national average per gallon of regular gas this year is $1 more than at this time last year. Meanwhile, a $1.61 difference for a gallon of diesel fuel was reported over the same period.

The Strait of Hormuz, a vital waterway that typically transports about a fifth of the world’s oil and natural gas, has been choked off since the beginning of the war in Iran.

Although the U.S. does not heavily rely on oil from this region, a drop in oil supply anywhere causes prices to rise everywhere. Those rising prices have allowed oil producers to sell their products at higher prices.

Our Get the Facts Data Team tracked the national averages for a gallon of regular and diesel fuels since 2010. Drivers have seen prices increase by almost $1.50 for a gallon of regular and an increase of more than $2.50 for a gallon of diesel over the last 16 years.

Chevron and ExxonMobil also own and operate oil refineries. That industry has also seen unusually large profits from refining crude oil since the start of the war.

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