Trump Targets Energy Giants Over 'Excessive Profits'
US President Donald Trump has rebuked ExxonMobil and Chevron for their record-breaking profits, calling out the energy industry for 'making too much money' due to war-driven crude prices. The president's comments came one day after both companies released their strongest quarterly results in years, with Chevron posting earnings of $12 billion and ExxonMobil reporting profits of $14.5 billion.
The US-Iran conflict has pushed up US crude oil prices by approximately 20% since the start of hostilities on February 28, 2026, with pump prices averaging around $4.10 per gallon nationwide as of August 3. Trump warned both companies to pass some of their gains back to consumers, stating 'they're going to give some of that back to the public and they better cut the retail price, the consumer price.'
The earnings surge is not limited to the US, with Saudi Aramco reporting a jump in second-quarter adjusted net income driven by higher prices for crude oil. Canadian oil producers also anticipated sharply higher profits in 2026 but signaled that gains would flow back to shareholders rather than fund new capital investment.