Report
Record oil profits as Iran war drives up US gasoline prices
According to Common Dreams, Shell doubled its quarterly profit to $10.8 billion as US gasoline prices rose to $4.23 a gallon, up from $2.87 before the US-Israeli war with Iran. The outlet reported that Iran closed the Strait of Hormuz in retaliation, sending energy prices higher in the US and worldwide.
The outlet added that Shell plans $5 billion in share buybacks over the next three months, up from $3 billion, while France's TotalEnergies posted a record $8.3 billion net profit for the third quarter and Spain's Repsol quadrupled profits over the first nine months of the year.
According to the report, US households have paid an average of $856 more for gasoline since the conflict began. It said Trump's oil and gas holdings had risen to between $22.5 million and $81.6 million, citing Democratic lawmakers on the Joint Economic Committee, while the White House said his portfolio is independently managed by third-party financial institutions.
Common Dreams also reported that the wider conflict has killed more than 3,400 Iranians, more than 3,600 Lebanese people and at least 21 US soldiers.
Topics
Sources
1 article from 1 outlet