Julio 18,2026 [ Nypost ]- The US energy industry is bracing for a huge windfall from the Iran war, but oil majors aren’t planning to ramp up drilling – even as the Trump administration pushes them to lower gasoline costs.
President Trump has repeatedly pressured American energy giants to “Drill, baby drill!” and recently threatened to investigate the industry for price-gouging as Americans feel pain at the pump – a concern for Republicans ahead of the midterms.
But oil majors are reluctant to build out more rigs and wells, resisting White House pressure as they claim their bumper profits are just a temporary boost.
“I think the industry is strong,” Joe Adamski, managing director of ProcureAbility, a supply chain consultancy, told The Post. “We are sitting at a very good position compared to the rest of the world … [but] oil companies are looking at it and saying this is a blip on the radar.”
In a preview of its second-quarter earnings, Exxon Mobil said this week it could see a $5 billion jump in profits – pushing adjusted earnings to $15.7 billion, or triple the previous quarter.
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