Warren, Whitehouse Slam Big Oil’s Massive Windfall Profits as Americans Face Skyrocketing Gas Prices

Skip to primary navigation Skip to content × Close Mobile Nav About About Elizabeth Committee Assignments About Massachusetts Voting Record Contact Share Your Opinion Help with a Federal Agency Office Locations Send me Updates Share Your CFPB Story Save Our Schools Services Help with a Federal Agency Return to Repayment Guide Visiting DC/Tours Flag Request Internships Meeting Requests Academy Nominations Special Recognitions Grants Small Businesses Veterans, Servicemembers and Military Families FY2027 National Defense Authorization Act Requests FY 2027 Appropriations Requests Oversight Reports Letters Social Security War Room Save Our Schools Campaign Legislation Newsroom News Coverage Press Releases Op-Eds Videos × Close Site Search search Elizabeth Warren Senator Elizabeth Warren's Facebook Page (This link opens in new window or tab.) Senator Elizabeth Warren's BlueSky (This link opens in new window or tab.) Senator Elizabeth Warren's Twitter (This link opens in new window or tab.) Senator Elizabeth Warren's Youtube (This link opens in new window or tab.) Senator Elizabeth Warren's Instagram (This link opens in new window or tab.) About About Elizabeth Committee Assignments About Massachusetts Voting Record Contact Share Your Opinion Help with a Federal Agency Office Locations Send me Updates Share Your CFPB Story Save Our Schools Services Help with a Federal Agency Return to Repayment Guide Visiting DC/Tours Flag Request Internships Meeting Requests Academy Nominations Special Recognitions Grants Small Businesses Veterans, Servicemembers and Military Families FY2027 National Defense Authorization Act Requests FY 2027 Appropriations Requests Oversight Reports Letters Social Security War Room Save Our Schools Campaign Legislation Newsroom News Coverage Press Releases Op-Eds Videos Español Close Search Open Search Popup Popup Search Close Search Popup MENU Senator Elizabeth Warren's Facebook Page (This link opens in new window or tab.) Senator Elizabeth Warren's BlueSky (This link opens in new window or tab.) Senator Elizabeth Warren's Twitter (This link opens in new window or tab.) Senator Elizabeth Warren's Youtube (This link opens in new window or tab.) Senator Elizabeth Warren's Instagram (This link opens in new window or tab.) Home Newsroom Press Releases June 15, 2026 Warren, Whitehouse Slam Big Oil’s Massive Windfall Profits as Americans Face Skyrocketing Gas Prices At $100 per barrel of oil, total industry windfall profits could reach $234 billion by the end of 2026 Gas prices up by as much as 52 percent since Trump started Iran War “The pattern is consistent: while Americans suffer from high prices and the Iran War imposes tens of billions of dollars of new costs on the American public, the oil industry wins big.” Text of Letters (PDF) Washington, D.C. — U.S. Senators Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking Committee, and Sheldon Whitehouse (D-RI), Ranking Member of the Senate Committee on Environment and Public Works (EPW), pressed major fossil fuel companies on their windfall profits and skyrocketing gas prices as a result of President Trump’s war in Iran, hurting American consumers. The senators wrote to ExxonMobil Corporation, Chevron Corporation, Shell USA, Inc., bp America, Inc., ConocoPhillips, Occidental Petroleum Corporation, and Continental Resources, Inc. Following Iran’s closure of the Strait of Hormuz and the global oil supply drastically decreasing, gas prices spiked, allowing oil and gas companies to rake in over $40 billion in profit in the first quarter of 2026. At $100 per barrel of oil, total industry windfall profits could reach $234 billion by year’s end. As gas prices rose following the Iran strikes, President Trump doubled down: “The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money.” President Trump made the calculus explicit in his own words; when it comes to families facing increasing prices in the context of the Iran War, Trump stated, “I don’t think about Americans’ financial situation.” “The oil industry delivered these ‘strong results’ during a time of ‘unprecedented disruption in global energy markets’—these are the industry’s own words—while American families paid more at the pump. The average price of gasoline is now $4.16 per gallon, up from $2.98 before the war began… Higher fuel costs also ripple into higher grocery, utility, aviation, and other prices across the broader economy,” wrote the senators . “The opportunity to profit from high oil prices did not occur in a political vacuum,” continued the senators . In April 2024, then-candidate Trump solicited $1 billion from fossil fuel executives while at a private dinner at Mar-a-Lago, promising to roll back environmental regulations, issue desired permits, and expand drilling opportunities. Then, earlier this year, President Trump ordered the U.S. military to capture Venezuelan regime leader Nicolás Maduro. This has provided ne