Trump Targets Big Oil Over 'Too Much Money' from War Profits
President Donald Trump launched a scathing attack on ExxonMobil and Chevron, accusing them of profiteering from the US-Iran war as their combined quarterly earnings soared past $26 billion. 'They're making too much money,' Trump said in the Oval Office on Monday. 'I don't like it.'
The sharp rhetoric comes just three months before critical midterm elections and marks a deepening dilemma for the White House. The conflict with Iran has sent energy prices skyrocketing, with the national average for a gallon of regular gasoline hitting $4.10 on Monday.
ExxonMobil reported second-quarter profits more than doubled to $14.5 billion from the same period in 2022, while Chevron posted an even more dramatic increase, with earnings quadrupling to $12.1 billion compared to $2.5 billion a year earlier.
The windfall extends far beyond American shores, as Saudi Aramco reported a 33% jump in quarterly profit to $33.4 billion and Shell booked nearly $10 billion in profit, marking the second-highest quarterly result in its history.