Ranking Member Markey Releases New Data Underscoring the Rising Cost of Trump’s Iran War for Americans at the Pump as Big Oil and Gas Profit

American families stand to pay an additional $1,069 more for gas this year since the onset of Trump's illegal war

The top five oil and gas companies raked in $46 billion in profits during the second quarter of 2026-twice as much as year prior

Updated Gas Prices One-Pager (PDF)

(Washington, August 6) - Ranking Member Edward J. Markey (D-Mass.) today released new data underscoring how Trump's illegal war in Iran is continuing to force American small businesses, families, and workers to pay a heavy price at the pump. Americans are facing an average annual increase of more than $534 dollars in fuel costs per vehicle this year as the average price of a gallon of regular gas is more than one dollar higher than before Trump's war. Meanwhile, the world's largest oil and gas companies are raking in vastly higher profits than they were before the escalation of the war. According to Ranking Member Markey's analysis, the world's top five oil and gas companies took in $46 billion in profits during the second quarter of 2026-more than twice as much profit as during the same period in 2025.

"Not only is Trump's illegal and reckless war in Iran costing American servicemembers and Iranian schoolchildren their lives and destroying America's credibility, but it is also causing the price of gas to skyrocket-and American families, workers, and small businesses are paying the price," said Ranking Member Markey. "Trump and his MAGA enablers are ignoring the affordability crisis they created. While families have impossible conversations at the kitchen table about whether they can afford gas, groceries, electricity, or healthcare, Trump is focused on ballrooms, bombs, and big payouts for his CEO billionaire friends. It's crystal clear: this administration is not America First-it's Billionaires First."

Ranking Member Markey's analysis spotlights several sobering realities about the ongoing costs Trump's war is imposing on American families, workers, and small businesses:

• As of August 4, everyone who drives a gas-powered vehicle in the United States now faces an average annual increase of more than $534 in fuel costs per vehicle. The average American family with two cars stands to pay approximately $1,069 more for gas this year than it did before Trump's illegal war in Iran.
• Between gasoline and diesel costs, American households have paid an additional $78.8 billion since the escalation of the war in February 2026.
• During Trump's first 15 months in office, the five largest oil companies-ExxonMobil, Chevron, ConocoPhillips, Shell, and BP-made more than $93 billion dollars in profits.
• Chevron made $12 billion during the second quarter of 2026, a 380% increase over its earnings in the same period of 2025.
• ExxonMobil made $14.5 billion during the second quarter of 2026, more than doubling its earnings from the same period in 2025.
• Overall, the largest five oil companies reported $46 billion in earnings during Q2 2026, well over twice as much as during the same period in 2025.

Ranking Member Markey is fighting to deliver real relief for families, workers, and small businesses who are suffering the consequences of Trump's reckless and illegal war in Iran.

• In June, Ranking Member Markey introduced the Gas Money Saved Act, which would require the Department of Transportation (DOT) to examine whether it can strengthen Corporate Average Fuel Economy (CAFE) standards during periods of skyrocketing gas prices to lower costs for American drivers.
• In May, Ranking Member Markey sent a letter to Federal Trade Commission (FTC) Chairman Andrew Ferguson demanding that the FTC investigate big oil and gas companies for driving up costs at the pump for American families and small businesses.
• Earlier in May, Ranking Member Markey released updated data highlighting the cost of Trump's war in Iran.
• In April, Ranking Member Markey renewed his call for the Bureau of Labor Statistics (BLS) to provide transparency on the economic impact of Trump's illegal war on Iran.
• Earlier in April, Ranking Member Markey released data on how Trump's illegal war in Iran is hurting American small businesses, families, and workers at the pump.
• In March, Ranking Member Markey sent letters to CEOs at five of the largest oil and gas companies demanding that big oil and gas companies do not award executives profits generated from rising oil prices during Trump's illegal war in Iran. Ranking Member Markey also cosponsored Senator Sheldon Whitehouse's (D-R.I.) Big Oil Windfall Profits Tax Act, which would claw back Big Oil's windfall profits while providing consumers with guaranteed relief.
• Also in March, Ranking Member Markey joined Senators Elizabeth Warren (D-Mass.) and Richard Blumenthal (D-Conn.), along with Representatives Jan Schakowsky (D-Ill.) and Chris Deluzio (D-Pa.), to sound the alarm about big corporations possibly taking advantage of the escalating pricing environment to price gouge American consumers, pressing FTC Chair Ferguson to investigate any Iran war-related price gouging.
• Earlier in March, Ranking Member Markey sent a letter to BLS demanding full transparency about the economic costs of Trump's illegal war with Iran and how the war will harm American consumers. He urged BLS to provide non-partisan and accurate evidence of the economic consequences of Trump's illegal war in Iran, regardless of political pressure from the Administration.