Trump Targets Exxon and Chevron Over High Oil Profits Amid Iran Conflict
President Donald Trump expressed his disapproval at ExxonMobil and Chevron's high profits due to increased oil prices amidst the US-Iran conflict. Speaking at the White House on Monday, Trump stated that 'I don't like' the companies making 'too much money' based on a shortage.
The president claimed that both Exxon and Chevron should give back some of their earnings to the public by reducing retail gasoline prices. He specifically mentioned Chevron's $12 billion second-quarter profits and Exxon's $14.5 billion in the same period last year, which is more than double their profits during the same time frame in 2025.
US crude oil prices have increased about 20% since the US and Israel launched strikes on Iran on February 28th. As a result, U.S. oil futures had an average closing price of around $92 per barrel in the second quarter, about 27% higher than the first quarter. Gasoline prices averaged about $4.09 per gallon nationwide, nearly 40% higher than the $2.98 per gallon that drivers paid on February 27th.
Following Trump's comments, Chevron's shares dropped by nearly 2%, and Exxon traded slightly lower. The companies' stocks were already under pressure due to a 5% drop in crude prices on hopes of preventing further escalation through US-Iran talks.