Trump Slams Big Oil Profits Amid Iran Conflict
US President Donald Trump has expressed concern over the high profits made by oil giants ExxonMobil and Chevron in recent quarters. In a rare public break from an industry that has generally supported his administration's energy policy, Trump stated that both companies are making 'too much money' due to elevated crude prices tied to the conflict with Iran.
The conflict began on February 28, 2026, and has led to a significant increase in oil prices. Chevron's profit rose nearly 400 percent to $12 billion, while ExxonMobil's profit more than doubled to $14.5 billion over the same period. The national average gasoline price stood at about $4.10 a gallon on Monday, up from $2.98 a gallon before the war started.
Trump urged the companies to 'give some of that back to the public' by lowering gasoline prices for American drivers. However, analysts said any voluntary price reductions were unlikely without a broader drop in crude benchmarks.