The stock prices of the American Big Oil giants are up about 30% this year as global oil spiked to $100 per barrel—the highest since after Russia invaded Ukraine. But liquefied natural gas (LNG) prices also have skyrocketed, as have refining profit margins for gasoline, diesel, and jet fuel. So there are big winners throughout the industry, from Exxon to LNG exporters Cheniere Energy and Venture Global to refiners such as Valero Energy, Marathon Petroleum, and Phillips 66.

The average price of a gallon of regular unleaded gasoline is above $3.60 and rising in the U.S.—up 32% since its January low—but that’s nothing compared to the Asian nations suffering from long lines for fuel and shortened work weeks because of their…