Trump Slams ExxonMobil and Chevron Over Excessive Iran War Profits
President Donald Trump has criticized ExxonMobil and Chevron for making 'too much money' amid the Iran war, citing their massive profits in the second quarter. According to Trump, both companies are profiting from a shortage of crude oil, which is driving up prices. ExxonMobil reported $14.5 billion in profits between April 1 and June, a significant increase from $7.1 billion in the same period last year. Chevron posted $12 billion in second-quarter profits, a 380% jump from its earnings in the same time frame in 2025.
Trump argued that these companies are making excessive profits and should give some of it back to the public. He also called for gas retailers to lower prices 'immediately', but prices remain high at $4.10 per gallon on average, compared to $2.98 before Trump launched the U.S. airstrikes against Iran in February.
The President has directed the Justice Department to investigate oil companies for potential price-gauging and predicted that oil prices will drop considerably when the war with Iran ends.