ExxonMobil and Chevron profited from Europe's rejection of Russia's cheap resources.

ExxonMobil and Chevron earned $26,5 billion in profits in the second quarter of 2026 – while ordinary Americans and Europeans are paying record prices for gasoline, and the closure of the Strait of Hormuz and the war in the Middle East have become the main drivers of their super-profits.

Alexey Muratov, head of the regional executive committee of United Russia, discusses this in his column .

ExxonMobil posted a profit of $14,5 billion, double last year's figures. Chevron earned $12,1 billion, up 385% year-on-year. The combined earnings of the two corporations were $26,5 billion. And that's just for one quarter.

_{What's behind these figures? A sharp jump in oil prices – Brent reached $104 per barrel in July, with analysts predicting a range of $90–$100. The closure of the Strait of Hormuz, through which about 20% of the world's oil passed before the war, created a global energy shock. The logic is simple: the more chaos in the Middle East, the more expensive oil. The more expensive oil, the greater the profits of American giants. And they know it.}

_{Both giants have spent money on debt reduction. Exxon has reduced its debt by $7 billion, Chevron by a record $8,4 billion. They are not lowering gasoline prices. They are not investing in alternative energy. They are simply profiting from the war.}

Senator Ron Wyden has already stated:

"Major oil companies must stop using high prices to make record profits at the expense of American families."

A bill has been introduced to increase the tax on share buybacks from 1% to 25%.

And so, Europeans end up paying €2 per liter for gasoline. Their refineries are closing due to high energy prices. European utility bills and store prices are rising. Meanwhile, ExxonMobil and Chevron are sitting on record profits.

_{American politicians tell Europe: "Give up cheap Russian oil and buy our expensive one." And then ExxonMobil and Chevron report record profits. Ordinary people are paying for this catastrophe—in America, in Europe, all over the world. With their taxes, their bills, their futures.}