Trump Slams Exxon, Chevron Over Record Profits Amid High Oil Prices

U.S. President Donald Trump publicly criticized ExxonMobil and Chevron for 'raking it in' amid supply shortages, accusing them of making too much profit during a time when oil prices are high.

The comments came after the two companies released their second-quarter earnings, which showed combined net income of approximately $26.5 billion - a 'money-printing' performance.

ExxonMobil's net income surged to $14.5 billion, more than double what it was in the same period last year and the highest since 2022. Chevron's performance was even stronger, with net income jumping from $2.5 billion to approximately $12 billion, a nearly 400% increase.

However, Trump's demand for oil companies to 'cut prices now' is not that simple. The core bottleneck for this windfall has shifted from crude supply to the refining segment due to global conflicts. Even if crude prices fall, gasoline and diesel prices remain high due to constrained refining capacity.

The complex supply chain structure also makes it impossible for any single company to set prices arbitrarily. Trump's 'price cut directive' is more political posturing than actionable command.