Trump Slams Oil Giants Over Excessive Profits, Calls Iran Talks 'Last Chance'
US President Donald Trump criticized major oil companies Chevron and Exxon Mobil for making 'too much money' due to high oil prices. Speaking on Monday, August 4, 2026, at the Oval Office, Trump said these profits were excessive and that the companies should give some of it back to the public.
Trump specifically mentioned that the higher margins reflected energy prices that had increased after he launched a war with Iran and the Strait of Hormuz was effectively closed to oil and natural gas tankers. This led him to demand that the retail price be cut.
The President also touched on the newly planned talks with Tehran, stating that they are the 'last chance' for Iran to forge a deal and avoid an escalation of US strikes on the country. Trump expects negotiations to reopen the Strait of Hormuz and create a pathway for Iran to address US concerns about its nuclear program.