Trump Targets Big Oil Profits Amid Iran War
President Donald Trump criticized ExxonMobil and Chevron for making 'too much money' due to high oil prices during the U.S. war in Iran.
In a statement from the Oval Office, Trump said these companies are profiting excessively from a shortage caused by the conflict.
The two major oil companies reported significant profits last week: ExxonMobil made $14.5 billion between April 1 and June 30, up from $7.1 billion in the same period in 2025; Chevron posted $12 billion in second-quarter profits, a 380% increase over its earnings during the second quarter of 2025.
Trump suggested that these companies should give some of their profits back to consumers and lower retail gas prices.
The American Petroleum Institute defended the industry's profits, attributing high prices to global supply and demand issues, as well as uncertainty around critical shipping lanes.