Trump Targets ExxonMobil and Chevron Over Record Oil Profits
US President Donald Trump has publicly rebuked ExxonMobil and Chevron for their record-breaking profits, citing excessive earnings as a result of the ongoing US-Iran conflict. The president warned that these companies must 'give back' some of their gains to consumers by cutting retail prices.
According to the companies' 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% increase from 2025.
The US-Iran conflict has led to a surge in oil prices, with US crude futures averaging around $92 per barrel from April through June. This has pushed up pump prices by approximately 40%, with gasoline averaging about $4.10 per gallon nationwide as of August 3, compared to $2.98 on February 27 before the war started.
The president's comments come after he accused the companies of price gouging and ordered a Department of Justice investigation in June, which remains active.