Ecocidal oil companies are raking in so much money that even the most corrupt Americanpresident in history – Donald Trump – has to make a public show of disapproval at least.
US-based Chevron reported its largest quarterly net profit ever, at $12.1 billion; ExxonMobil’s $14.5 billion second-quarter income and Shell’s $10.8 billion in net earnings represented their most profitable quarters spince 2022, when they previously benefited from the Russia-Ukraine war.
Trump pipes up
Trump told reporters on Monday:
I don’t like it. Chevron, too much money. ExxonMobil, too much. Too much money.
Let’s hope this fake outrage from Trump isn’t fooling anyone. Just earlier that morning, he posted on Truth Social that he had helped Chevron get back into Venezuela. He also claimed that without him, the entire oil industry would be dead, and he was upset that he wasn’t being credited for the fortunes of the oil companies.
Big Oil did spend a lot on getting Trump re-elected. Fossil fuel interests poured $96 million into Donald Trump’s re-election campaign and affiliated political action committees.
You going to stop taking their money then, Trump? Of course not!
Redistribution for the worse
The war on Iran has had a redistributive effect for the worse, according to Isabella Weber, author of the book Anti-Fascist Economics.
Weber’s research has shown that 50% of fossil fuel profits went to the richest 1% of Americans. Meanwhile, the bottom 50% received 1%, while absorbing the full shock of every price hike. And that was only the U.S. The Global South had simply been priced out, locked out, cut off from energy altogether:
The Iran war is a redistribution machine: Big oil profits have shot up to historic highs. Our research shows that 50% of fossil fuel profits go to the richest 1% in the U.S. The rich are the ultimate beneficiaries of the war windfalls. The bottom 50% claim a mere 1% of profits… pic.twitter.com/lh1XJVtEY4
— Isabella M Weber (@IsabellaMWeber) August 1, 2026
She also lashed out at JP Morgan CEO Jamie Dimon’s record quarter and for him saying the banking environment was ‘close to as good as it gets.’
War kills.
War makes life unaffordable for the many.
But war is great for profits.
“Profits accounted for 13.9% of US economic output in the first quarter, the highest share recorded.”
JPMorgan CEO Dimon said the environment was “getting close to as good as it gets”. pic.twitter.com/MT4phbFB9J
— Isabella M Weber (@IsabellaMWeber) August 3, 2026
The banking environment sure is great, isn’t it, Dimon? Never mind the genocide and ecocide that paved the way.
Corporate America’s profit frenzy
The Financial Times reported that US companies are off to a “blistering start in second-quarter earnings season, reporting double-digit profit growth despite higher energy costs, elevated interest rates and cautious spending by consumers.”
America’s biggest companies report ‘rock solid’ profits as consumers face higher costs https://t.co/2GPbec4Z3F
— Financial Times (@FT) August 2, 2026
S&P 500 earnings are on track for 47.4% year-on-year growth, their strongest quarter in five years.
Defence companies and tech companies are also cashing in, the FT said. Lockheed, General Dynamics, and Raytheon are all reporting higher profits as the US shifts to a “war footing.”
Google’s net income quadrupled to $112 billion, thanks to a little help from its SpaceX investment, just casual billions. Amazon’s profits more than tripled.
As Weber said:
War kills. War makes life unaffordable for the many. But war is great for profits.
Featured image via the Canary
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