Big Oil's War Profits Spark Calls for Windfall Tax Amid Trump Controversy
Big Oil's war profits have revived calls for a windfall tax. Chevron and ExxonMobil reported massive profits, with Chevron's earnings soaring nearly 400% to $12 billion and ExxonMobil's more than doubling to $14.5 billion.
The surge in profits has been attributed to the Iran war, which pushed up oil prices. US President Donald Trump, who enabled the surge, has expressed his disapproval of Big Oil's windfall profits, saying 'they're making too much money based on a shortage. I don't like it.'
Advocates are now demanding a windfall tax, with Tyson Slocum, energy program director at Public Citizen, stating that the president's giveaways enabled price-gouging and that Trump should endorse a windfall profits tax.
The scale of Big Oil's profits is hard to absorb. At current exchange rates, Chevron's $12 billion equals about KES 1.57 trillion or NGN 16.5 trillion, more than Kenya's entire annual national budget.
Trump's personal stake in ExxonMobil and Chevron adds a new layer of controversy to the issue. His 2025 financial disclosure shows that he holds between $3 million and $12 million in Exxon stock and $1.25 million to $6 million in Chevron, meaning he personally benefits from Big Oil's windfall profits.