The contrast is stark. While millions of consumers keep a close eye on the price of fuel, transportation, and food products, ExxonMobil and Chevron have just reported nearly 26.6 billion dollars in combined profits in a single quarter. This sequence not only illustrates the power of two American giants but also reveals the mechanism of a global energy shock in which rising crude prices, the scarcity of refined fuels, and tensions in the Middle East translate into spectacular profits for someâand heavier bills for others.
According to results reported on July 31 by the Associated Press, ExxonMobil doubled its quarterly profit to 14.53 billion dollars, with a revenue of 116.02 billion dollars. Chevron achieved an even more spectacular result, nearly quadrupling its profit to 12.07 billion dollars, while its revenues increased by 56% to 70.06 billion. These figures immediately place the debate on “superprofits” back at the center of the global stage.
Exxon and Chevron Capture the Major Market Shift
Oil has not merely risen gradually. During the quarter, American crude fluctuated between approximately 68 and 115 dollars, influenced by the war involving the United States and Iran, disruptions in the Gulf, and fears surrounding the Strait of Hormuz. This passage typically accounts for nearly one-fifth of the world’s oil. When its traffic slows, the risk spreads instantly to Asia, Europe, Africa, and the Americas.
However, the key to the jackpot lies not only in the wells but also in the refineries. Exxon and Chevron control both a portion of production and powerful capacities capable of transforming crude into gasoline, diesel, kerosene, or fuel oil. The global refining market is under pressure: facilities have been damaged, some Russian and Chinese flows have diminished, and several refineries in the Middle East are struggling to receive or ship the usual volumes.
The result: diesel and jet fuel have become particularly lucrative. According to the AP, Chevron’s quarterly refining profit was multiplied by six, even as the company processed less crude and sold fewer products. This is the central paradox of this crisis: a constrained supply can reduce volumes while significantly increasing margins.
Consumers Pay Much More Than the Price at the Pump
Energy is hidden in almost everything. It powers trucks, planes, refrigerated warehouses, agricultural machinery, and factories. A sustained increase in diesel or kerosene prices never remains confined to gas stations. It ultimately finds its way into the price of an airline ticket, a pair of shoes, a delivered package, a meal at the supermarket, or a construction site.
A recent analysis by the AP on the consequences of the new oil shock already highlighted the potential pressure on food, back-to-school supplies, and products containing petrochemical derivatives. Some shoe companies noted a 25% increase in the cost of petrochemical materials. This transmission is gradual, but it can prolong inflation well after a potential retreat in crude prices.
Why France is Directly Concerned
France has a largely decarbonized electricity supply, but it remains exposed to oil for transportation, agriculture, logistics, and part of the industry. The official website of the Ministry of Ecological Transition publishes average fuel prices weekly, indicating that the level at the pump remains a politically sensitive as well as economic indicator.
The contrast is even more visible as a French giant also benefits from the cycle. Le Monde reported on July 23 that TotalEnergies posted 11.2 billion dollars in profit in the first six months of 2026. This performance has reignited calls to tax exceptional profits to fund household protection and the climate transition.
The French government asserts that the country is not currently experiencing a general supply problem. However, official data on fuel availability showed at the end of July a significant share of stations affected by difficulties with certain products. The question is therefore not only whether France has fuel, but at what price, with what regularity, and for how long.
The Political Battle Over Superprofits Returns
In the United States, Democratic lawmakers have introduced measures to tax the exceptional profits of major producers starting in 2026 and then redistribute the revenues to consumers. Exxon contests this logic. Its CEO, Darren Woods, argues that a surtax would penalize companies that have ensured supply and discourage investments, particularly in Europe.
The debate is familiar, but the figures give it new intensity. Oil companies remind us that they do not set the global crude price alone and that they need profits to invest in production, security, and new projects. Their opponents respond that gains linked to a war or a shortage cannot be treated as ordinary profits when households, farmers, and small businesses are suffering from rising costs.
A Global Signal That Extends Far Beyond Wall Street
The stakes extend beyond Exxon, Chevron, or TotalEnergies. The six largest European oil companies had already accumulated, according to the AP, 22 billion dollars in profits in the first quarter, representing over a 40% increase year-on-year. The winners are primarily those groups with production outside the most disrupted areas, available stocks, and refineries capable of operating at full capacity.
Conversely, some producers in the Gulf are suffering damages, security costs, and export difficulties. Asia, heavily dependent on flows from the Middle East, is seeking alternative cargoes. Europe fears a new inflationary surge. The European Central Bank noted at the end of July that energy prices had risen less than during the Russian shock of 2022, despite stronger physical disruptions. This resilience is due to stocks, demand, and trade reorientations, but it does not guarantee stability moving forward.
What to Watch Now
Three indicators will determine the next steps. The first is the actual traffic in the Strait of Hormuz, far more significant than mere diplomatic announcements. The second is the margin of refineries on diesel and kerosene. The third is the speed at which increases will be transmitted to European and French prices.
The 26.6 billion dollars accumulated by Exxon and Chevron are therefore more than just a financial result. They form a snapshot of the global economy in times of crisis: the infrastructures capable of producing, storing, and refining become extremely powerful, while the cost of geopolitical risk trickles down to consumers’ wallets. The oil jackpot is already visible. The final bill, however, remains to be calculated.
Reliable Sources
- Associated Press â Major oil companies book massive profits as fighting between US and Iran continues, July 31, 2026.
- Associated Press â consequences of the rise in oil prices on consumers, July 23, 2026.
- Le Monde â TotalEnergies semi-annual results, July 23, 2026.
- European Central Bank â analysis of the energy shock, July 27, 2026.
- Ministry of Ecological Transition â official data on fuel prices in France.