Renewed fighting involving the U.S. and Iran has pushed global oil prices higher, raising gasoline costs for U.S. consumers. The world’s largest oil and gas companies are simultaneously capturing around $30 million per hour in excess profits. The six largest European oil companies made at least $22 billion in the first quarter of 2026, up 43% from a year earlier, according to NPR citing Global Witness and The Guardian. In Washington, Democratic Sen. Sheldon Whitehouse and Democratic Rep. Ro Khanna have revived a windfall tax proposal that would return half of unexpected war-related oil profits to lower-income Americans through tax rebates.