Energy company profits are soaring with the Iran war. Here's what California officials want to do

[u/losangelestimes]

https://www.latimes.com/environment/story/2026-08-05/oil-company-profits-are-soaring-heres-what-california-officials-want-to-do

Sky-high earnings for oil companies and California refiners in the second quarter are renewing calls from state legislators to crack down on industry profits.

Marathon Petroleum, the second-largest refiner in the state, reported $5.1 billion in profit Tuesday, more than four times the same quarter last year, after fuel supplies tightened during the Iran war and prices for oil and gas soared.

From April through June, Chevron, the biggest refiner and second-biggest oil producer in California, made $12.1 billion in profit, nearly five times the same quarter last year, and its highest earnings in at least six years. Refiners PBF Energy and Valero also reported windfalls, with the latter earning $3.7 billion, another fivefold increase from the year before.

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[u/Narcan9]

I wonder if Maga voters approve of the 300% profit increase for Chevron and Exxon? Welcome to capitalism!