The Shell oil company has reported its highest profits in years, after Trump’s war of choice against Iran sent global oil prices skyrocketing. On Thursday, Shell reported $6.9 billion in profits during the first quarter, exceeding shareholder expectations. Collectively, the six largest European fossil fuel companies reported $22 billion in profits during the first three months of 2026.
This comes as a new report by the office of Senator Ed Markey finds the average U.S. family with two cars can expect to pay an extra $1,750 at the pump this year compared to what they were paying before the war. Meanwhile, U.S. auto loan debt has hit a record high of nearly $1.7 trillion. On Wednesday, President Trump’s senior economic adviser Kevin Hassett boasted to Fox Business that U.S. credit card spending is “through the roof.”
Kevin Hassett: “In fact, I had the head of one of the big five banks in my office yesterday going through the credit card data. And just as Secretary Bessent said, credit card spending is through the roof. They’re spending more on gasoline, but they’re spending more on everything else, too.”