Trump Slams ExxonMobil and Chevron for 'Too Much Money' Amid US-Iran Conflict
President Donald Trump publicly criticized ExxonMobil and Chevron, stating that they are 'making too much money' due to high crude oil prices during the ongoing US-Iran conflict.
In a statement from the Oval Office on August 3, Trump said, 'They're making too much money based on a shortage. I don't like it. And I should be the last one to say it because I'm a big free enterprise guy, nobody bigger.'
ExxonMobil reported $14.5 billion in profits between April 1 and June, a significant increase from their $7.1 billion earnings during the same period in 2025. Chevron posted $12 billion in second-quarter profits, up 380% from $2.5 billion in 2025.
The American Petroleum Institute defended the oil companies' profits, stating that high prices are driven by global supply and demand, as well as uncertainty around critical shipping lanes.