A report from Groundwork Collaborative reveals how fossil fuel companies are not merely scoring windfall profits from President Donald Trump’s illegal war with Iran, but also using that money to reward shareholders rather than providing relief to consumers.
The price of gas has soared since Trump attacked Iran without any congressional authorization in late February, going from an average of under $3 per gallon at the start of the war to $4.49 per gallon as of Tuesday. As US drivers have paid more at the pump, however, fossil fuel firms have been concerned with paying out dividends and conducting stock buybacks, expanding production to lower prices, Groundwork Collaborative’s report finds.
Among other things, the report notes that ExxonMobil is on pace to deliver $20 billion worth of stock buybacks in 2026, even as CEO Darren Woods has insisted that the company’s decisions on production will be “grounded in value, not volume.”
Additionally, the report documents how Shell recently announced “another 5% dividend increase and more than $3 billion in buybacks,” with CEO Wael Sawan describing the company’s commitment to paying shareholders as “sacrosanct.”
Chevron has pledged roughly $3 billion in quarterly stock buybacks, while also saying increasing dividends for shareholders is its “first and foremost” priority.
Chevron CFO Eimear Bonner, the report adds, recently revealed that the company has no plans to boost output in response to high energy prices, stating that “capital spending and production outlooks are consistent with previous guidance.”
Lindsay Owens, executive director of Groundwork Collaborative, accused Big Oil of using Trump’s illegal war as cover to keep prices high without taking any steps to reduce pain at the pump.