Chevron reported its highest quarterly profit in six years on July 31, 2026, as analyst firm Wood Mackenzie estimates the global oil and gas industry is on course for a cash windfall of $495 billion in 2026, exceeding forecasts made before the U.S.-Israel war with Iran began. Three bills seeking to tax these profits are currently before Congress, and President Donald Trump himself has said oil companies are « making too much money. » According to Wood Mackenzie, the 49 largest oil and gas companies are expected to pocket about $272 billion of this windfall, roughly equal to 70% of their combined annual investment budgets, while investment spending has barely moved, stock buybacks are declining, and dividends have remained flat.
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