Oil majors face price gouging accusations amid rising energy costs

The energy sector is experiencing high volatility and rising oil prices, driven largely by geopolitical conflicts in the Middle East. This economic environment has led to significant profit increases for major oil companies. For instance, Shell reported a 22% increase in revenue for the first half of 2026 compared to the previous year, with earnings more than doubling. Similarly, Chevron saw revenues rise by 28% during the same period.

These rising costs at the pump have created political tension. U.S. President Donald Trump has accused oil companies of price gouging and has called for a Department of Justice review. While energy companies are generating large profits during these periods of elevated prices, analysts note that the sector is inherently volatile and reacts quickly to global shifts.