Oil companies are raking in billions in windfall profits from the Iran war as Australians suffer soaring petrol prices and the Labor government refuses to adequately tax the sector.
Multinational heavyweights ExxonMobil, Chevron, Shell and BP have all recorded sharp profit spikes by a combined $29.5bn (US$20.5bn) since the US and Israel illegally attacked Iran on 28 February, triggering a global energy crisis. Chevron, which reported a profit of US$14.5bn in the 15 months prior to the Iran war, hauled in US$12.1bn in the first quarter alone.
Iran cut off the Strait of Hormuz in response to the attack, through which 20 per cent of the world’s oil supply transits. Recent fighting between Yemen and Saudi Arabia, as well as the ongoing Ukraine-Russia war are also adding to the global energy strain.
But there are no complaints from oil and gas giants, who are banking the billions of extra fuel costs suffered by consumers at the petrol pump. That includes Australia’s largest fuel retailer Ampol, which posted a 376% increase in profit from the company’s 2025 first-half year profit.
For the vast majority who are not oil and gas executives, the 50% surge in petrol prices – from around $1.71 a litre before the war to nearly $2.60 by the end of March – has been a source of tremendous financial pain. This has been compounded by rising interest rates, which means the war’s costs have effectively been passed onto global households while the select few profit. In Australia, this has come with government support.
Anthony Albanese was the first leader to back the US-Israeli war on Iran, despite the hardship it has brought to Australian households struggling to make ends meet. In April, amid popular demand for a tax on gas companies, the prime minister backed the fossil fuel giants and said it was “the worst possible time to jeopardise these partnerships, or the investment that underpins them”.
The remarks echoed those aired by the chief executive of the oil and gas lobby, the Australian Energy Producers, who, three days prior to Albanese’s comments, said: “It shouldn’t need to be said that this would be the worst possible time to impose an investment-destroying tax.”
The gruesome truth of growth capitalism - anyone who thinks it’s aspirational, is a war monger. …Time for a civilised equitable social capital exchange system that can’t be corrupted by aggressive egotistical narcissism?
Hello.
No excuses now for not having a super profits tax. Reaping billions from chaos and death in the middle East while normal Australians suffer a triple hit through petrol prices, inflation and interest rates. We must also accelerate the electrification of our land transport sector.