Trump Slams ExxonMobil, Chevron's Profits Amid US-Iran Conflict
US President Donald Trump expressed disapproval over ExxonMobil and Chevron's profits, calling them 'too much money' based on high oil prices amid the ongoing US-Iran conflict.
On August 3, 2026, Trump stated that he doesn't like it when these companies make excessive profits due to a shortage in the market. He specifically mentioned ExxonMobil and Chevron, saying 'Chevron, too much money. ExxonMobil, too much money.'
The comments came after the companies reported significant second-quarter profits: Chevron's earnings increased to $12 billion compared to $2.5 billion last year, while Exxon's profits more than doubled to $14.5 billion from $7.1 billion.
The US oil futures price averaged around $92 per barrel in the second quarter, a 27% increase from the first quarter. Gasoline prices also surged, with an average of $4.09 per gallon nationwide, nearly 40% higher than before the war started on February 27.