Oil industry sees war windfall but girds for political blowback
U.S. oil giants reported blowout profits at a time when lofty gasoline prices are stressing consumers and exacerbating President Donald Trump's worries about upcoming midterm elections.
The second-quarter reports reflect the overwhelmingly positive impacts to the industry's bottom line from the U.S.-Iran war, which has led to an unprecedented supply shock due to the virtual closure of the Strait of Hormuz.
But huge oil industry profit increases often generate political blowback.
Even Trump, a strong supporter of fossil fuel interests, has lashed out over gasoline prices, announcing in June that he was directing the Department of Justice to investigate any "gouging" perpetrated by the industry.
