Trump Slams Big Oil Firms Over 'Excessive' Profits Amid War-Driven Price Spike

President Donald Trump publicly rebuked ExxonMobil and Chevron for excessive profits on August 3, 2026. The president stated that 'they're making too much money' due to a global shortage of oil caused by the US-Iran conflict.

The US-Iran war has led to a nearly 40% increase in gasoline prices at the pump since February 28, 2026, with prices averaging $4.10 per gallon nationwide as of August 3. Trump warned the companies that they 'better cut the retail price, the consumer price' and pass some of their gains back to consumers.

The remarks came after both ExxonMobil and Chevron reported record-breaking profits in their second-quarter earnings reports. ExxonMobil posted $14.5 billion in profits, more than double its year-earlier result, while Chevron reported $12 billion in earnings, a nearly 400% gain from the same period of 2025.

The energy sector has been a major beneficiary of the conflict, with investment advisors citing it as a hedge for client portfolios. The State Street Energy Select Sector SPDR ETF (XLE) is up more than 36% year-to-date.