Trump Slams Exxon and Chevron Over 'Excessive' Oil Profits
US President Donald Trump has publicly rebuked ExxonMobil and Chevron for their record-breaking profits, stating they are making 'too much money' due to a shortage in oil caused by the US-Iran war. The president's remarks came after both companies disclosed their strongest quarterly results in years, with Chevron posting $12 billion in earnings and ExxonMobil reporting $14.5 billion.
The surge in profits is attributed to the 20% increase in US crude oil prices since the start of hostilities in February, with gasoline prices averaging around $4.10 per gallon nationwide as of August 3. Trump warned that the companies must 'give some of that back to the public and they better cut the retail price'.
The remarks are part of a broader trend where energy stocks have served as a hedge during the conflict, with the State Street Energy Select Sector SPDR ETF (XLE) up over 36% year-to-date. However, Canadian oil producers anticipate sharply higher profits in 2026 but plan to pass them on to shareholders rather than fund new capital investment.