Trump Takes Aim at ExxonMobil and Chevron Over Windfall Profits

US oil giants ExxonMobil and Chevron have reported massive windfall profits in Q2 due to surging oil and fuel prices caused by the war in Iran.

President Donald Trump has expressed his disapproval, stating that the companies 'made too much money' last quarter. He warned them to cut their consumer gasoline prices immediately.

In a Truth Social post, Trump wrote, '[G]et your consumer (retail) Oil Prices DOWN, NOW!'

ExxonMobil reported Q2 revenue of $116 billion, a 42% increase from the previous year. Bottom-line profits came in at $14.5 billion, more than double the company's previous profit of $7.1 billion.

Chevron also reported big year-over-year gains in revenue and profits, with revenue increasing by 56% to $70.1 billion and profits soaring 385% to $12.1 billion.