Shell earnings hit $10.8 billion as US gas prices rise

Shell reported net profits of $10.8 billion for the third quarter of 2026, a figure that is double what the company earned during the same period last year.

The surge in revenue coincides with a sharp increase in fuel costs for US consumers. The average price for a gallon of gas in the United States has risen to $4.23. This represents an increase from $2.87, the average price recorded before the conflict with Iran began.

Households across the country have paid an average of $856 more for gasoline since the war started. President Donald Trump addressed the price increase at a campaign rally in Georgia over the weekend. He described oil prices as temporarily high and stated that the United States oil and gas business is making hundreds of billions of dollars.

Trump said, "I don’t give a damn, I’m going to say it, we’re making a freaking fortune." The president holds a personal stake in the industry, with oil and gas stocks in his portfolio valued between $22.5 million and $81.6 million. This is a significant increase from the range of $12.6 million to $46 million reported at the end of 2025.

Other energy companies are reporting similar financial gains. TotalEnergies, based in France, posted a record net profit of $8.3 billion for the quarter ending in September. Repsol, a Spanish oil company, saw its profits quadruple for the first nine months of 2026, totaling $5.6 billion.

French government spokesperson Maud Bregeon said officials asked TotalEnergies to pass on savings to consumers. The government released 10 million barrels of diesel from strategic reserves and requested a price reduction of 12 to 18 cents per liter. CEO Patrick Pouyanne stated that the company would likely lower prices by 8 to 12 cents per liter.

The conflict has widened, resulting in the deaths of more than 3,400 Iranians, more than 3,600 Lebanese people, and at least 21 US soldiers. Well over 100 people have died in other Middle Eastern countries. Democrats on the Joint Economic Committee in Congress noted that Trump bought between $4.7 million and $17.5 million in oil and gas stocks between March and August.

Rep. Jim McGovern of Massachusetts commented on the disparity between corporate earnings and consumer costs. He said, "Your pain is his paycheck." Philip Evans, a senior climate campaigner for Greenpeace, noted that these profits are being reported while climate disasters continue in the UK and worldwide. He called on the UK government to tax the companies for the damage they are inflicting.