Oil giants Exxon and Chevron just posted record profits, and it's bad news for anyone paying for gas or diesel.

• Exxon and Chevron reported record quarterly profits, with earnings up sharply from last year on a diesel supply crunch tied to the Iran conflict.
• The real driver isn't the war itself but refining margins: oil companies tripled their profit markup on diesel even as the supply crisis eased.
• Americans have already paid out well over a hundred billion extra dollars at the pump since the conflict began, averaging over a thousand dollars per household.
• Rather than reinvest in more refining capacity to ease prices, the oil industry is funneling profits into stock buybacks that mainly enrich executives and shareholders.
• The industry also collects huge yearly tax breaks and subsidies, even as consumers and taxpayers absorb both the high prices and the subsidy cost.

Outlook: Gas and diesel prices are unlikely to fall soon, and industry insiders warn prices could get far worse if the conflict escalates after the midterm elections.