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US oil majors see huge profits from Iran war but resist drilling more despite Trump pressure

Company Fundamentals
10 Jul 2026
New York Post
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Bullish
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US oil companies are set to earn billions more due to supply disruptions from the Iran war, with Exxon Mobil expecting a $5 billion profit jump. Despite President Trump's calls to increase drilling to lower gas prices, oil majors are cautious, viewing current profits as temporary and fearing political backlash. Production gains in 2025 came from efficiency improvements rather than new drilling. The administration's push for more drilling faces environmental opposition, while high gasoline prices continue to concern consumers ahead of elections.

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